A delegation representing the Montana State Partnership Program met with Ambassador of Sri Lanka to the United States, Mahinda Samarasinghe, on Wednesday (25 Feb) to explore substantial investment opportunities in Sri Lanka’s graphite sector. 

According to a statement from the Embassy of Sri Lanka in Washington, D.C., the delegation featured SPP Director, Lieutenant Colonel Chris Cory, alongside the Founder of Mooney Group LLC, a leading U.S. mining firm specializing in critical minerals. 

James Mooney, accompanied by Mary Mooney (MD, Mooney Group) and Chris Dorrington (Montana DOT), conveyed a strong interest in investing in Sri Lanka’s graphite industry and leveraging their expertise to connect with U.S and global markets.

Ambassador Samarasinghe welcomed this intent, emphasizing Sri Lanka’s commitment to facilitating and encouraging Foreign Direct Investment resulting in value-added production. 

He underlined that the Expression of Interest to develop Sri Lanka’s Graphite Industry by sharing technology, safety and environmental standards, represents a vital stride towards bolstering bilateral economic ties and positioning Sri Lanka more prominently in the global critical minerals supply chain.

The Mooney Group firm focuses on identifying and developing mineral resources, particularly those critical to the semiconductor, battery, and defence industries. 

The Group employs a hands-on, strategic approach to mining and resource management, often operating as a partner to drive value in mineral extraction and processing. The firm has been involved in exploring opportunities in Central Asia and leveraging professional expertise to optimize mining operations.

The Deputy Chief of Mission Maduka Wickramarachchi, Minister of Commerce Nalinda Wijerathne and the Defence Adviser Commodore Dumindu Abeywickrama were also present. (Newswire)

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Cabinet approval has been granted for the implementation of a value addition project under a public-private partnership for the Kahatagaha graphite mine. 

The Kahatagaha mine, which spans an area of about 102 acres and is the deepest graphite mine in Sri Lanka, is currently operated by the wholly government-owned company, Kahatagaha Graphite Lanka Limited, which produces and exports the highest quality graphite. 

It was decided to restructure Kahatagaha Graphite Lanka Limited under the previous government, and it was decided at the cabinet meeting in 2023 that steps should be taken to implement a value-added project for the graphite in the Kahatagaha mine through an identified investor. However, further action has not been taken in this respect. 

The government says it has also been found that the locally available technology is not sufficient to determine the reserve of the graphite in the aforementioned mine. 

Accordingly, taking these matters into consideration, the Cabinet of Ministers has approved the proposal presented by the Minister of Industries and Entrepreneurship Development to repeal the cabinet decision taken on 11-12-2023 regarding the restructuring of Kahatagaha Graphite Lanka Limited.

It has been further proposed to call for proposals for expressions of interest following the approved procurement procedure to implement the entire procedure of exploring the graphite reserve of the Kahatagaha mine, mining, processing, and adding value to the graphite in the aforementioned mine under a Public-Private Partnership, while keeping the ownership of the graphite of the Kahatagaha mine with the company itself and securing the jobs of the employees currently working in the mine. (Newswire)

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India is negotiating with Sri Lanka to acquire graphite mines in the country, the Press Trust of India reported. The demand for graphite is rising due to its use in anodes for lithium-ion and other batteries, the report said.

Discussions between the Indian and Sri Lankan governments are at a very preliminary stage, with no further details provided by the sources.

The graphite found in Sri Lanka is noted for its high quality, considered among the purest in the world.

Graphite was listed among the 30 critical minerals by the Indian government last year. (PTI)

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