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High Grade Eastern Mineral Sands Project ready to Commence Development

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Capital Metals plc, a UK mineral resources company listed on the London Stock Exchange, is ready to commence development of its high grade mineral sands project in the Eastern Province. The extensive studies completed by the local Sri Lankan subsidiary, Damsila Exports (Pvt) Ltd, indicated the availability of commercial quantities of high grade mineral sands in this region. Local investment company, Keynes Investments (Pvt) Ltd, was recently brought in to hold 60% of Damsila. Keynes is principally held by Dinal Peiris, who is also the Chairman of Lanka Aluminium Industries PLC Group and several other well-known companies in Sri Lanka.

The project commenced in 2015 with Capital Metals, a specialized mineral resource exploration and development company with significant international experience, acquiring ownership of Damsila which held the initial exploration licenses. With investment from Capital Metals, Damsila completed numerous studies and obtained approval from the Department of Coast Conservation & Coastal Resources Management for its environmental impact studies following extensive local community and governmental consultation. With total expenditure to date of over US$11 million, Damsila is now awaiting final approval to commence development.

“We are delighted to partner with Capital Metals in this environmentally responsible mining project. This is a first of its kind in Sri Lanka with modern mining practices to protect the environment and bring much needed employment and training to the local community,” said Dinal Peiris.

“With a development plan to ensure a win-win outcome from this project by adhering to rigorous standards for mining and rehabilitation principles, we will leave the area in a better state than we found it. Key advantages of the planned operations are that no blasting or chemicals are required and there will be continuous cleaning and restoration of the mined areas to remove the black mineral sands leaving the golden sands in place. This project will also help to position Sri Lanka as a strategic and responsible source for these critical minerals in the global market place,” said Michael Frayne – CEO and Director, Capital Metals.

The project requires a total investment of over US$80 million and will bring a multitude of benefits to Sri Lanka and its people as it will generate much needed foreign exchange from export income, significantly upgraded infrastructure, employment and skills transfer, as well as various programmes to support local communities. It is estimated that over 300 new direct jobs will be created and the Sri Lankan government will receive over US$100 million in royalties and taxes.

Most importantly, Capital Metal’s pioneering project will, no doubt, open up a new industry in mining heavy mineral sands and other valuable mineral resources in the country and pave the way for similar projects in the future, opening up a much-needed new export industry.



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Dr RAD Jeewantha named most innovative dentist of the year

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Dr Jeewantha receiving the award

Dr. R. A. D. Jeewantha was honoured as the Most Innovative Dentist of the Year at the Business World International Awards, 2025. Organised by the Business World International Organisation, the award ceremony was held recently at the Mount Lavinia Hotel. A graduate of the Faculty of Dental Sciences, University of Peradeniya, Dr. Jeewantha has built a reputation as one of Sri Lanka’s most respected and forward-thinking dental surgeons. After gaining vital experience in Government hospitals, including the Teaching Hospital in Karapitiya, he also served at a leading private hospital before launching his own practice—Doctor J Premium Dental Care in Delkanda, Nugegoda.

His dental clinic is known for offering advanced, patient-focused treatments in restorative dentistry, cosmetic procedures, and implantology, using state-of-the-art technology. Dr. Jeewantha is especially skilled in dental implants, having completed the American Residency Course in Dental Implantology at Roseman University, accredited by the American Academy of Implant Dentistry. Dr. Jeewantha holds fellowships from the International College of Continuing Dental Education (FICCDE) and the Pierre Fauchard Academy (USA). His advanced skills include modern root canal treatments using Mineral Trioxide Aggregate (MTA) for both surgical and non-surgical procedures.

He has completed international trainings in digital dentistry, full-arch implantology techniques like All-on-Four and Zygomatic Systems, and smile design using digital 3D scans. He has participated in global dental events such as the Asia-Pacific Dental Congress and completed training at institutions including the University of Manchester and North Western State Medical University in Russia. His courses have covered everything from intraoral scanning to managing tooth wear. He has previously received many local and international awards. Dr. Jeewantha also serves the community as a Justice of the Peace for All Island.

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IIHS Foundation in Biological Studies offers fast-track route to global health careers

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The Foundation in Biological Studies at IIHS provides a unique alternative for students looking to fast-track their health careers after their Ordinary Level (O/L) exams. This programme offers a direct route to global health careers, bypassing traditional A/Ls. With over 1,000 students already advancing to universities in Australia, the UK, and Finland, IIHS has positioned the course as a reliable launchpad for careers in fields like medicine, nursing, biomedical sciences, and digital health. “This programme is a game-changer, offering a transformative journey into global healthcare education,” said IIHS CEO Dr. Kithsiri Edirisinghe.

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Seylan Bank Reports Strong Growth in Q1 2025 Financials

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Seylan Bank has recorded a Profit before Tax (PBT) of LKR 4,199 million in Q1 2025, marking a 13.36% growth compared to LKR 3,704 million in Q1 2024. Profit after Tax (PAT) rose by 20.29%, reaching LKR 2,761 million, up from LKR 2,295 million in the corresponding period of 2024.

Despite a decrease in net interest income by 8.37% due to market interest rate reductions, the bank’s net fee-based income grew by 13.83%, driven by fees from loans, cards, remittances, and other services. Total operating income for the quarter was LKR 11,258 million, a 3.83% decrease from the previous year, while operating expenses rose by 4.62%, largely due to increased personnel and other operating costs.

Impairment charges were significantly reduced by 83.17%, totaling LKR 262 million, reflecting the bank’s solid credit quality and proactive provisions. The bank’s impaired loan ratio improved to 1.98% from 2.10% in Q1 2024, with a provision cover ratio of 80.74%.

Seylan Bank’s total assets grew to LKR 785 billion, with loans and advances reaching LKR 469 billion and deposits totaling LKR 647 billion. The bank’s capital adequacy ratios remained strong, with the Common Equity Tier 1 Capital Ratio at 13.67% and Total Capital Ratio at 17.64%.

In addition to its financial performance, Seylan Bank continued its commitment to education, opening 16 more “Seylan Pahasara Libraries,” bringing the total to 281 libraries across the island.Fitch Ratings upgraded Seylan Bank’s National Long-Term Rating to ‘A+(lka)’ with a Stable Outlook in January 2025, further underscoring the bank’s financial stability and growth trajectory.

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