Oct 19, Colombo: Sarcon Development (Pvt) Ltd. of Sri Lanka and the Board of Investment (BoI) inked an agreement today (19) to commence an export project of value added graphite.

The company plans to invest US$ 15.2 million in this project.

Sarcon Development (Pvt) Ltd. will be engaged in graphite mining and processing.

The company has also come to an agreement with Geological Survey and Mines Bureau (GSMB) for technical assistance and to conduct a geological survey for graphite exploration. The GSMB will retain 55 percent of the value of processed graphite.

Sarcon Development (Pvt) Ltd's main investor is the Caribbean based firm Plumbago Refining Corp B.V, a company registered in Curacao.