The Minister of Industry and Entrepreneurship Development, Sunil Handunnetti, said that since the updated National Mineral Policy has been implemented after 27 years, it is now prohibited to export the country’s mineral resources without adding value.
Accordingly, the export of the country’s mineral resources as raw materials without adding value will be prohibited from now on, and the new policy will regulate exploration, mining, processing and value addition.
At a press conference held yesterday (11) regarding the implementation of the updated National Mineral Policy, Minister of Industry and Entrepreneurship Development, Sunil Handunnetti said this.
”Almost all of our mineral resources have gone to the export market as raw materials. The real dollar value that could have been added from these has not been added to the country’s national economy. If we export a ton for $2,000, for example, one kilogram of a mineral can be valued at $20,000. We have sent those at that level as raw materials for $2,000.
Zircon, garnet, silicon, vars, titanium, everything has happened like that. Due to policy conditions that have not been updated for decades, these mineral resources have often been limited to exploration licenses only.
Now a system has been developed to regulate the entire process of exploration, mining, processing, and value addition. That system has now been approved by the cabinet. It has also been presented to parliament. The new mineral policy will come into effect from the eleventh of this June. ”