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Sri Lanka graphite export firm given nod: BOI
14 Nov, 2012 10:24:40
Nov 14, 2012 (LBO) - Sri Lanka's investment promotion agency said it had signed a deal with Plumbago Lanka (Pvt) Ltd, which will invest 78 million US dollars over four years to process and export graphite, the second such firm in as many months.
A 25 percent stake in the venture will be held by Sri Lanka's Esna group, which will be represented on the board by chairman Eshana de Silva.

A statement by the Board of Investment, quoted Chris Cowan director of Plumbago Lanka as saying that the firm will work with Sri Lanka's Geological Survey and Mines Bureau in operating the firm.

The BOI approves foreign and local investments and gives tax holidays.

The agency said the firm will add value to graphite.

"[F]rom its inception, has sought to promote projects where value addition has been applied to local natural resources," the BOI said in a statement.

"Hence the export of value added graphite will be beneficial to Sri Lanka’s economy."

Sri Lanka is a source of high quality vein graphite.

In October the BOI said it had approved Sarcon Development (Pvt) Ltd, whose main investor is Caribbean based firm, to set up a 15.2 million US dollar facility to process and export graphite.

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