Business
‘SL’s minerals sector is a big one but the govt. has made it a puny one’

By Hiran H. Senewiratne
Sri Lanka’s minerals sector is a big one but the government has made it a small sector. But it has a huge potential to become one of the country’s major foreign exchange earners. Industry officials were in broad agreement on these points recently at the inauguration in Colombo of the Chamber of Mineral Exporters.
“The mineral sand export industry currently generates around US$ 65 million a year but if we really focus on this sector that amount could be increased to US $ 120 million. Lack of a mineral policy and the non-implementation of a proper survey by any authority on this sector, resulted in the country losing potential export revenue from this area, F. A Farook, Vice Chairman of the CME said.
Farook added: “The practice of giving 12-month mining permits compared to those of 10 to 15 years, as in Australia, would make investors run away. This was a regulatory hurdle that had to be rectified fast.
“Our permits are generally valid for one year. We’ve all been in this sector for the last twenty plus years, so we have some experience on how to get things done, so we will stay.
“But if you are to attract somebody else to come from outside, they will not come.”
CME chairman Amila Jayasinghe said: “As soon as they hear that the mining or environmental license lasts only one year, and that there is a requirement to renew them each year, they will run away, because that is too much of a risk for an investor.
“There should be a proper mineral sands policy and the government should take steps to develop a thrust industry and provide permits for more than one year.
“There is no country in the world with a permit of one year validity. Usually, it is valid for 10 to 15 years. That is something that has to be rectified very soon to attract foreign investments.
“The Australian High Commissioner had recently mentioned that there were companies that were willing to invest but that the investment environment here was not conducive.
“Mineral firms had to deal with a minimum of eight separate state agencies to function on a day-to-day basis. For 15 years Sri Lanka had been talking about a ‘one stop shop’ for approvals, but it has not yet happened.
“There has to be transparency and clarity in how decisions are made, since there are a large number of government agencies involved.
“There should be a level playing field for all and processes should not be made easy for one or two people.
“It was not the availability of raw materials but the accessibility of raw materials that is the key constraint.”
CME Secretary Dr. Sandun Dalpatadu said: “The industry is willing to comply with environmental regulations. Foreign buyers also require mineral extraction to be sustainable. In some cases land had to be restored to the original condition, or if areas are deforested, other areas have to be forested.
“Mining also affects communities and firms and it is a sensitive subject. There are resources in land owned by state agencies for which mineral rights have to be streamlined with a collaborative initiative to generate jobs and also increase exports.”
“In addition to issuing what was probably the shortest duration mining permit in the world, Sri Lanka was probably charging the highest royalty, which was levied as a value added tax at the point of export instead of being imposed on the pit head cost, Chamber sources said.
Business
Stealer malware leaked over 2 million bank cards

Kaspersky Digital Footprint Intelligence estimates that 2.3 million bank cards were leaked on the dark web, based on an analysis of data-stealing malware log files from 2023-2024. On average, every 14th infostealer infection results in stolen credit card information, with nearly 26 million devices compromised by infostealers, including more than 9 million in 2024 alone. Kaspersky released its report on the infostealer threat landscape while the technology world gathers at MWC 2025 in Barcelona.
Kaspersky experts estimate that approximately 2,300,000 bank cards have been leaked on the dark web. This conclusion is based on an analysis of the log files from data-stealing malware, dated 2023-2024, that were leaked on the dark web market. While globally the share of leaked cards is well below one percent, 95% of the observed numbers appear technically valid.
Infostealer malware is not only designed to extract financial information, but also credentials, cookies and other valuable user data, which is compiled into log files and then distributed within the dark web underground community. An infostealer can infect a device if a victim unknowingly downloads and runs a malicious file, for example one disguised as legitimate software, such as a game cheat. It can be spread through phishing links, compromised websites, malicious attachments in emails or messengers and various other methods. It targets both personal and corporate devices.
On average, every 14th infostealer infection results in stolen credit card information. Kaspersky Digital Footprint Intelligence experts found that nearly 26 million devices running Windows were infected with various types of infostealers in the past two years.
“The actual number of infected devices is even higher. Cybercriminals often leak stolen data in the form of log files months or even years after the initial infection, and compromised credentials and other information continue to surface on the dark web over time. Therefore, the more time passes, the more infections from previous years we observe. We forecast the total number of devices infected with infostealer malware in 2024 to be between 20 million and 25 million, while for 2023, the estimate ranges between 18 million and 22 million,” says Sergey Shcherbel, expert at Kaspersky Digital Footprint Intelligence.
In 2024, Redline remained the most widespread infostealer, accounting for 34% of the total number of infections.
The most significant surge in 2024 was in infections caused by Risepro, whose share of total infections increased from 1.4% in 2023 to almost 23% in 2024. “RisePro is a growing threat. It was first discovered two years ago but seems to be gaining momentum. The stealer primarily targets banking card details, passwords and cryptocurrency wallet data, and may be spreading under the guise of key generators, cracks for various software and game mods,” explains Sergey Shcherbel. Another rapidly growing stealer is Stealc, which first appeared in 2023 and increased its share from nearly 3% to 13%.
Business
UTE Delivers Sri Lanka’s Largest Cat D8 Tractor to NEM Construction

Caterpillar equipment dealer UTE has delivered the country’s largest Cat D8 Track-Type Tractor to NEM Construction Pvt. Ltd., marking a significant milestone in heavy machinery. This delivery strengthens the long-standing partnership between UTE and NEM Construction, which spans over 45 years. The Cat D8 is expected to boost operational efficiency in large-scale projects. As the sole authorized dealer for Caterpillar in Sri Lanka, UTE continues to provide top-tier machinery and after-sales support. The handover is particularly notable as Caterpillar celebrates its 100th anniversary. NEM Construction’s Chairman, Raja Nanayakkara, praised the Cat D8’s superior performance and UTE’s unmatched service and parts support, which have been key to the company’s long-term collaboration. This purchase highlights the continued trust in both Caterpillar and UTE’s expertise in supporting Sri Lanka’s construction industry.
Business
ComBank’s 2023 Annual Report tops Banking sector at ACCA Sustainability Reporting Awards

The Commercial Bank of Ceylon’s prowess in comprehensive disclosure of sustainability-related information to stakeholders has won its 2023 Annual Report two top awards at the 2025 Sustainability Reporting Awards presented by the Association of Chartered Certified Accountants (ACCA).
The Bank was adjudged the overall runner-up and the winner in the Banking category at these awards, repeating the achievement of its 2022 Annual Report which was similarly honoured by the ACCA last year.
The ACCA Sustainability Reporting Awards recognise Annual Reports that clearly acknowledge and explain the economic, environmental and social impacts of the business to internal and external stakeholders, demonstrating the organisation’s policies, targets and long-term objectives towards the goal of sustainable development.
Commercial Bank’s 2023 Annual Report also won two Golds, a Silver and a Bronze at CA Sri Lanka’s ‘TAGS’ Awards 2024, excelling in the key aspects recognised by the awards programme which is dedicated to Transparency, Accountability, Governance, and Sustainability – TAGS.
The Bank won the Gold for ‘Corporate Governance Disclosure’ in the Financial Services sector, the Gold for the Best Annual Report among the private sector banks, the Silver for ‘Digitally Transformative Reporting’ across all sectors, and the overall Bronze award for Excellence in Corporate Reporting.
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