Plumbago Lanka plans to invest $78m over the next 4 years in a bid to revive the industry and contribute towards the national economy.
The company, which is an Esna group company, will own 25% interest in the venture.
Plumbago Lanka investor and board director Chris Cowan said, "We look forward to continuing to work with the Geological Services Mines Bureau, who have been very supportive, and other industry and educational sectors as the demand for Sri Lankan graphite grows."
BOI further stated that this project supports the agency’s efforts to apply value addition to local natural resources.
"The export of value added graphite will be beneficial to Sri Lanka’s economy. Graphite has many industrial applications and projects such as that of Plumbago Lanka (Pvt) Ltd will receive the continued support of the BOI," stated the agency.
