Australian mining and mineral sand firms keen to partner SL firms

Australian mining and mineral sand firms were keen to partner with Sri Lanka's mineral sands and rare earth elements industry, said Robyn Mudie, the Australian High Commissioner to Sri Lanka on June 7 in Colombo.

"An Australian firm in this segment is planning to enter Sri Lanka with an initial investment of $ 150 mn," Mudie revealed.

"We wish to expand our relationship with Sri Lanka by significantly engaging in this sector. I would very much like to see some confirmation of Sri Lankan interest towards Australian investments in this sector and also to see major Australian presence and investments growing here," Mudie disclosed this at the Ministry of Industry and Commerce during her courtesy call on Minister Bathiudeen.

Sri Lanka-Australia bilateral trade, which stood at $ 214.8 mn in 2002, increased by 64% in 2012 to $ 351.5 mn. More importantly, the value of Sri Lanka's exports to Australia in the same period have registered a 285% increase to $ 134.34 mn in 2012, from $ 47 mn in 2002.