The government’s decision to ban the export of mineral resources in raw form and place all future mineral exploration under state control has triggered fresh debate over how Sri Lanka should develop its untapped mineral wealth and attract foreign investment.

Announcing the new National Mineral Policy, Industry and Entrepreneurship Development Minister Sunil Handunnetti said the country had long failed to capture the full value of its mineral resources by exporting them with minimal processing.

“We will no longer allow mineral resources to leave the country in raw form,” the minister said, arguing that Sri Lanka must move towards value-added industries that generate greater economic returns.

A key feature of the new policy is the transfer of all mineral exploration activities to the state-run Geological Survey and Mines Bureau (GSMB). Under the new system, the GSMB will carry out exploration, publish geological data and subsequently invite investors to participate in commercially viable projects.

Handunnetti defended the move by citing what he described as the failure of the previous licensing regime. According to government figures, 471 exploration licences had been issued since 1993, but only 28 advanced to mining operations, with just 12 remaining active today. The minister alleged that some companies had used exploration licences to boost corporate valuations rather than develop actual mining projects.

He also stressed that mineral deposits located beneath privately owned land belong to the state and should be developed in the national interest.

However, the reforms are likely to attract close scrutiny from foreign investors seeking opportunities in Sri Lanka’s mineral sector.

An independent industry analyst said the policy’s emphasis on value addition is consistent with global trends, as countries increasingly seek to process critical minerals domestically rather than export raw materials.

“The more difficult question is whether a state-controlled exploration model can generate the confidence required by international investors,” the analyst said. “Investors will want access to reliable geological data, transparent licensing procedures and predictable regulations before committing significant capital.”

The analyst noted that the government’s plan to publish exploration data before inviting investment proposals could help improve transparency, but its success would depend on how scientifically the process is implemented.

Sri Lanka possesses commercially valuable deposits of graphite, mineral sands, ilmenite, rutile, garnet, silica and phosphate. As global demand for industrial and strategic minerals continues to grow, the new policy represents a significant test of whether stronger state involvement can translate geological potential into investment, industrial development and export earnings.

“The success of the strategy may ultimately depend on whether the government can balance tighter control over mineral resources with the policy certainty and commercial incentives that international investors typically seek,” the analyst said.

By Sanath Nanayakkare

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) felicitated Ms. Samudika Jayaratna, the 42nd Auditor General of the Democratic Socialist Republic of Sri Lanka, at a special ceremony held on Thursday at the Institute.

The event was organised in recognition of her landmark appointment as the first woman to hold this distinguished constitutional office, as well as her decades of dedicated service to the nation’s public financial governance.

The ceremony reflected the accounting profession’s pride in one of its most accomplished members, who has attained the highest constitutional office in public audit. Ms. Jayaratna was warmly received by the President of CA Sri Lanka, Tishan Subasinghe, Vice President Ms. Anoji de Silva, members of the Council, and Chief Executive Officer Ms. Lakmali Priyangika.

A Fellow Member of CA Sri Lanka, Ms. Jayaratna’s appointment stands as a powerful testament to her exemplary professional journey spanning over 25 years. Her career has been defined by an unwavering commitment to excellence, integrity, and the highest standards of public accountability.

The felicitation ceremony drew a large and distinguished gathering, including Chartered Accountants and officials from the National Audit Office.

Commercial Bank of Ceylon, in its commitment to provide secure and world-class technologies to its customers, has further strengthened the security and convenience of online payments for its UnionPay cardholders by becoming the pioneering financial institution in Sri Lanka and the wider South Asian region to introduce advanced 3-D Secure (3DS 2.x) authentication for UnionPay e-commerce transactions.

This milestone makes the UnionPay card a fully empowered e-commerce instrument, enabling cardholders to shop securely at millions of merchants worldwide. The latest addition to the Bank’s robust 3DS-enabled card portfolio ensures that UnionPay users benefit from the same high-level authentication and fraud protection extended across Commercial Bank’s international card offerings.

The enhancement follows the successful integration of UnionPay cards into the Bank’s ComBank Access Control Server (ACS) platform, enabling secure authentication for online payments through UnionPay’s latest 3-D secure protocol.

Kapila Liyanage, AGM Personal Banking and Retail Products at Commercial Bank described this latest development as a reflection of the Bank’s commitment to continuously expand Sri Lanka’s digital payment ecosystem. “The benefits of technology must encompass the widest possible customer base to ensure seamless and secure service anywhere in the world,” he said. “By extending 3D secure authentication to UnionPay cards, we are providing another important segment of our customers with access to global-standard payment solutions.”

Crispin Wijesekera, Country Manager – Sri Lanka & Maldives at UnionPay International, said: “The introduction of 3D secure authentication for UnionPay cardholders by Commercial Bank of Ceylon marks an important milestone in strengthening the security and trust of digital payments in Sri Lanka. As e-commerce continues to grow, enhanced authentication technologies such as 3DS provide cardholders with an additional layer of protection while enabling a smooth and convenient online payment experience.”

“UnionPay remains committed to working closely with our banking partners to continuously enhance payment security standards and expand digital acceptance, ensuring that UnionPay cardholders can transact with confidence both locally and globally,” he added.

The new capability introduces UnionPay-specific Risk-Based Authentication (RBA) on the ACS platform. When a customer makes an online purchase at a participating merchant, the system intelligently evaluates the transaction in real time. Where additional verification is required, the system initiates a step-up authentication process by generating a One-Time Password (OTP), which is securely delivered to the cardholder’s registered mobile number and email through the Bank’s established SMS and email gateways. The cardholder then enters the OTP on the secure ACS interface to authorise the transaction.