Ilmenite sales soar:

CMSC earns Rs.186 m within week

Ridma DISSANAYAKE

The Ceylon Mineral Sands Corporation (CMSC) has earned Rs.186 million during the last week by selling 5000 tons of ilmenite and it is the highest retail price received by the Corporation in a week.

The net profit of the corporation has increased from Rs. 239 million in 2009 to Rs. 7000 million by the end of last year. According to State Resources and Enterprises Development Minister Dyasritha Thissera, the corporation exports mineral sands to several countries, including, Russia, the United States, Japan, Germany and the UK.

"The Ceylon Sands Corporation recorded an income of Rs.1,111 million during last year and the profit earned during successive years since 2006 is a s follows: 2006-Rs.85 million,2007-Rs.238 million,2008-Rs.163 million,2009-Rs.229 million",he added.

"The Corporation has been exporting mineral sands for 50 years and experts say that there are mineral sand deposits for another 150 years. The Corporation commenced operation in 1957 under the State Industrial Corporation act",the minister said.

Minister Tissera said the peaceful environment in the country and the open tender procedure followed by the Corporation has resulted in the development of the industry.

"All measures are in place for the export of mineral sands,the minister added.

He said that the government will establish a new mineral sands factory in Kokilai by spending Rs500 million and it will create new employment avenues for the youths in the Mullativu district.