Lanka Mineral Sands to diversify into new products

Saturday, 30 March 2019 01:00 - - {{hitsCtrl.values.hits}}

Industry and Commerce Minister Rishad Bathiudeen addressing the 60th anniversary celebrations of Lanka Mineral Sands held

in Pulmoddai

Pulmoddai mines toast 61st Anniversary, plans to expand further
Rishad says no plans to transfer ownership
Last year profits at Rs. 676 m, plans new processing factory in Kokilai

After 61 years of operations, Pulmoddai mineral deposits will remain under Government ownership, with plans to diversify into new products and build a new processing plant in Kokilai, a statement from the Industry and Commerce Ministry said.

“Neither the Government nor this Ministry has approved transfer of the Pulmoddai mineral sand deposits” said Bathiudeen during a meeting with top officials from the mineral company.

On 1 March, Lanka Mineral Sands Ltd. (LMSL), Sri Lanka’s pioneering mineral sands producer, marked its 61th anniversary. The key products that the company markets are ilmenite, rutile, zircon, and ilmenite, with by-products. In 2018, LMSL reported Rs. 676 million in profits.

Meanwhile, the following clarification was also issued by the Ministry on the recent transparent sale of ilmenite.

“An international tender was called by this Ministry for the sale of ilmenite (for 47.7% titanium dioxide grade) and was closed on 10 May 2018. An Indian buyer was selected from the bidders due to their highest bid for ilmenite raw sand mined at Pulmoddai mines. After the Cabinet-appointed Tender Board chaired by three Secretaries of various Ministries decided this buyer won the bid, the Cabinet granted approval for this sale on 22 June 2018. The stock has now been collected by the buyer as per the usual procedure.”

LMSL plans to diversify into new products and locations, expanding to value added products and establishing a new mineral processing plant in the vicinity of Kokillai in 2019/20.