Investments over US$ 1 billion via International Mineral Forum – GSMB

The Geological Survey and Mines Bureau (GSMB) expects to attract investments over US$ 1 billion, through an International Mineral Forum in October, one of the first of its kind in Sri Lanka.

GSMB Chairman R. Sanjeepan told ‘Daily News’, that the forum will open up Sri Lanka’s minerals to local and international investors, with over 500 firms, including global leaders in the field participating.

The forum, according to Mr Sanjeepan, will be fully sponsored, without being a burden to the treasury, and held under the guidance of Environment Minister Nazeer Ahamed.

Meanwhile, GSMB Director General Ajith Prema said the focus will mainly be on five minerals such as Phosphate, Vein Quartz, Mineral Sands, Limestone and Graphite.

He said that, in keeping with government policy, the need for value addition to the minerals, will be stressed to the prospective investors. Meanwhile, the GSMB has recorded a significant increase in Revenue collection to date this year, compared with 2022.

While the GSMB revenue last year was Rs. 3.79 billion, the revenue in the first six months of 2023, is Rs.2.4 billion.

While attributing the increase in revenue to several new measures adopted by the GSMB, Mr Sanjeepan said that one of the main reasons was the strict Procedure applied through a circular to collect the maximum royalty amount to the Government. He said the GSMB expects a minimum 50 percent increase in revenue this year, compared with last year, while adding that the GSMB had contributed Rs.2 billion to the Government treasury during the last 12 months.