BOI deal with Sarcon Development for value-added graphite production

The BOI last week signed an agreement with Sarcon Development (Pvt) Ltd. for a project that will be engaged in graphite mining and processing.

The project will be started with the technical assistance of the GSMB, which is the State body responsible for graphite and Sarcon Development has entered into an agreement with that body to conduct a geological survey for graphite exploration.

The agreement was signed by Board Members Anura Jayasinghe and Sanjeewa Wickramanayake on behalf of the BOI and by the Chairman of Sarcon Development Anuka Bandula and Anthony Soza who initiated the project, with Jim Ratnam, Chairman of Assignments Ltd.

Jody Paul Lenihan from Canada will be the Chairman and Managing Director of Sarcon Development representing Plumbago refining Corp B.V.

The main investor is Plumbago Refining Corp B.V, a company registered in Curacao. Initially US$ 15.2 million will be invested in the project. This is the first company in Sri Lanka that will be engaged in value-addition of graphite for export and the company will pay 55% of the value of the processed graphite to the Geological Survey and Mines Bureau, thus bringing revenue to the country.