SL’s mineral export potential is US $ 778 million whereas realised amount is US $ 389 million

Colombo, Dec. 18 (Daily Mirror) - Sri Lanka’s mineral export potential is as much as US $ 778 million annually where the realized amount is only US $ 389 million as estimated by the ITC Export Potential Map, a report compiled by the Pathfinder Foundation says.

The report says that primary data suggests that the potential could increase even up to US $ 2 billion with more investments in downstream space.

Addressing the function to mark the launch of two reports titled ‘Mining Potential: A Global Opportunity and Sri Lanka' and ‘Sri Lanka’s Transformation to Clean Energy and Net Zero Targets by 2025’, Australian High Commissioner Matthew Duckworth said investing in minerals and renewable energy has made a lot of sense for Australia.

“We think it makes a lot of sense for Sri Lanka as well. In Australia we know the potential of the minerals and the renewable energy sectors because much of it has already been realised. Mining, as many will know, makes a massive contribution to Australia's economy. It's roughly 10 percent of our GDP, more than 60 percent of our export revenue. These are huge figures,” he said.

Commenting further on the mining sector first, he said Sri Lanka had significant export potential here, including for many minerals that are only going to be in greater demand globally.

“We know there are graphite deposits in Sri Lanka that are renowned for their quality- crucial inputs into modern technology. We also know there are mineral sands deposits in the northern and eastern provinces,” he said.

The ITC Export Potential Map, referred to in these reports, estimates that Sri Lanka's current mineral export potential to be $778 million US dollars a year. He said it would be an important way to diversify Sri Lanka's economy away from the traditional industrial base.

“Now just as Australia has really benefited from the development of our minerals and most recently our renewable energy sectors, we really want Sri Lanka to benefit from this here as well. We see common interests for both our countries in this. On renewable energy for example, our view is that Australia and Sri Lanka share the same interests here,” he said.