Category: Daily Financial Times

Sir Garfield Sobers, the great West Indies cricketer widely regarded as the finest all-rounder in the sport’s history, has died aged 89. His passing at his home in Barbados only 11 days shy of his 90th birthday was announced by Cricket West Indies on Friday, with the simple line: ‘A great innings has come to an end. In our hearts, now and forever, Sir Garfield Sobers.’

Sobers was the first batter to hit six sixes in an over when playing for Nottinghamshire at Glamorgan’s St Helen’s ground in Swansea in 1968. But it was just one of many feats in an illustrious career that saw him play 93 Test matches for West Indies – including 39 as captain – from 1954 to 1974.

From a humble background, Sobers made his Test debut for West Indies aged 17 in 1954 against Len Hutton’s England at Sabina Park in Jamaica.

His maiden Test century against Pakistan at the same ground in 1958 secured his place in history early: an unbeaten 365 that set the record for the highest individual Test score. It stood for 36 years until Brian Lara’s 375 against England in Antigua broke it in 1994, with Sobers at the ground to congratulate him.

Overall, the left-handed Sobers scored 8,032 Test runs at an average of 57.78 – the fourth-highest average in history among players with over 5,000 runs – and took 235 wickets at 34.03. In 383 first-class matches, he scored more than 28,000 runs and took more than 1,000 wickets, including time with South Australia and Nottinghamshire.

The George Keyt Foundation in partnership with the British High Commission in Colombo will present ’19th Century Views of Ceylon,’ a landmark exhibition showcasing a rare collection of historic artworks by renowned British artists. The exhibition will be held from 30 July to 1 August, 2026, at Westminster House, the residence of the British High Commissioner to Sri Lanka. The event marks the first time that Westminster House will host a public art exhibition.

The exhibition will provide visitors with a unique opportunity to view important works sourced from several private collections, many of which have never previously been displayed publicly. The carefully curated collection will present landscapes, architectural scenes and historical perspectives that offer a compelling visual record of 19th-century Ceylon.

Featured artists include:

Edward Lear, the celebrated English artist, illustrator, and author.

Andrew Nicholl, the famed landscape painter known for his watercolour depictions of the island.

Constance Gordon Cummings, the famed female writer and artist whose book ‘Two Happy Years in Ceylon’ described her time in Ceylon. She was a friend of Marianne North and Isabella Bird.

Together, the artworks provide a rare insight into how the island was observed and interpreted by visiting British artists during the 19th century.

British Airways joins the exhibition as its primary partner. The partnership coincides with the airline’s planned resumption of direct services to Colombo in October 2026, strengthening air connectivity between Sri Lanka and the United Kingdom.

The exhibition is also supported by Lynear Wealth, the Juniper Group and Nations Trust Bank, whose contributions have helped make this significant cultural event possible. News1st will serve as the official electronic media partner for the exhibition.

Through this collaboration, the George Keyt Foundation and the British High Commission aim to create greater public appreciation of Sri Lanka’s artistic and cultural heritage while strengthening the longstanding historical and cultural relationship between Sri Lanka and the United Kingdom.

Event Registration: Admission to the exhibition is free of charge, but attendance requires mandatory pre-booked passes due to limited capacity at the venue. Interested visitors can reserve their passes online by visiting the official registration portal: https://forms.gle/qAVW3Rd11aDdyNMr5

Defending champions Argentina will face Spain in what promises to be a spectacular FIFA World Cup 2026 final after both football powerhouses emerged victorious in their respective semi-final clashes. The highly anticipated title decider will be played tomorrow (00.30 hours Monday Sri Lanka time), with the world’s most coveted football trophy at stake.

Argentina secured their place in a second consecutive World Cup final after producing a dramatic 2-1 comeback victory over England in Atlanta. The victory keeps Argentina’s dream of retaining the World Cup alive, with Lionel Messi continuing to inspire his nation in what could be the final World Cup appearance of his legendary career. The 39-year-old captain has once again been the heartbeat of Argentina’s campaign, combining experience, vision and leadership to guide the defending champions through another memorable tournament.

Spain, meanwhile, booked their place in the final by defeating France 2-0 in an impressive semi-final performance. Luis de la Fuente’s men dominated proceedings with disciplined defending, intelligent possession football and clinical finishing. Goals from Mikel Oyarzabal and Pedro Porro sealed a deserved victory over one of the tournament favourites, while Spain’s defence continued its outstanding form after conceding just a single goal throughout the competition.

The final now presents a fascinating contest between two teams that have been among the tournament’s standout performers. Both nations possess world-class talent across every position. Argentina will rely on the brilliance of Messi alongside the attacking threat of Julián Álvarez, Lautaro Martínez and Enzo Fernández. Spain, meanwhile, boast an exciting blend of youth and experience led by Rodri, Pedri, Lamine Yamal and captain Álvaro Morata, making them formidable opponents.

For Argentina, victory would secure a record fourth World Cup title and make them the first nation since Brazil in 1962 to successfully defend the FIFA World Cup. Spain, champions in 2010, are aiming to capture their second world crown and cement their place among football’s modern elite.

Sri Lanka’s High Commissioner in Kuala Lumpur, Dharshana M. Perera, appreciated the continued cooperation and support extended by the Federation of Malaysian Sri Lankan Organisations (FOMSO) and emphasised the importance of further strengthening engagement with Sri Lankan-origin communities in Malaysia, particularly in tourism promotion, and cultural cooperation.

The FOMSO delegation was led by its President, Dato’ Yogeswaran, and included Lokaraja, Magendran, Sandhidevi and other EXCO members. Minister Counsellor/Actg. Deputy Head of Mission, M. I. Mohamed Rizvi, together with officers of the High Commission, also attended the meeting on 1 July 2026 at the High Commission.

FOMSO, an umbrella organisation representing 24 Sri Lankan-origin organisations across Malaysia, briefed the High Commission on its ongoing community activities and its commitment to promoting closer links with Sri Lanka. The discussion covered a range of areas, including tourism, investment, air connectivity, cultural cooperation, student exchange and welfare-related matters.

The FOMSO delegation noted the significant potential to promote Sri Lanka among Malaysian Sri Lankan-origin communities, especially in the areas of leisure, cultural, religious and ancestral tourism. The need to improve air connectivity, including possible direct connectivity between Malaysia and the Northern Province of Sri Lanka. Further explored tourism-related investment opportunities, including golf, leisure, theme park and hotel development projects.

Both sides agreed to continue close cooperation to achieve practical outcomes in community engagement, tourism, investment, cultural diplomacy and people-to-people relations.

Former Inspector General of Police C.D. Wickramaratne died yesterday after sustaining gunshot injuries at his residence on Parakrama Road, Thalahena, within the Malabe Police Division, the Sri Lanka Police confirmed in an official statement.

Police said Wickramaratne was admitted to the Eastern Colombo Teaching Hospital, where he was pronounced dead.

The body has been placed at the hospital for a post-mortem examination.

The Malabe Police have commenced investigations into the incident, while further inquiries are being conducted by the Western Province South Division Criminal Branch together with the Malabe Police.

Wickramaratne served as the 35th Inspector General of Police from 27 November 2020 to 23 November 2023. He was 63.

Ye Couture, the luxury-clothing brand founded by Buddhika Kodikara in 2014, continues to make waves in the world of high fashion. With a passion for design that dates back to her school years, Buddhika’s path to success was shaped by both her unique talent and her unyielding determination.

Although Buddhika initially pursued Biology for her higher education, her love for fashion never wavered. She soon transformed her passion into a profession, enrolling at esteemed institutes such as LIFT, the Singer Fashion Academy, and the Ranliya Fashion Academy. These foundations helped her develop into a highly sought-after designer, with notable projects throughout her career. Supported by her dedicated team members, Sithija Madushan and Shalika Fernando, Buddhika continues to bring creativity, expertise and innovation to her fashion journey.

Buddhika made her mark as the costume designer for the contestants of the very first Voice Teen Sri Lanka, and later went on to design costumes for the popular Sri Lankan actress Shalini Tharaka on Hiru Super Dancer. Her success continued with her design work for the judges of the Hiru Singithi Avurudhu Kumara and Kumariya, as well as serving as the Official Costume Designer for Hiru Avurudhu Kumariya in 2022.

In addition to her work with TV shows and events, Buddhika has designed costumes for a variety of well-known Sri Lankan celebrities. Her designs have graced the covers of top newspapers like Tharunee, Sirikatha, GO, Rasaduna, and Hadagasma, while her creations have also been featured on popular TV shows such as Vindaneeya Udasena on Hiru TV and Subasiri on Sirasa TV.

Her celebrity clientele is a testament to her growing success in the fashion industry. Some of the prominent figures she has worked with include Nadini Premadasa, Nilmini Tennakoon, Damitha Abeyarathne, Apsari Tillekaratne, Dusheni Silva, Himali Sayurangi, Piumi Botheju, Nadeesha hemamali and Ayesha Rajapakse. Buddhika’s vision for Ye Couture has steadily gained momentum, with her unique designs resonating with both local and international audiences.

In 2025, Buddhika expanded her reach with the opening of Ye Couture’s first store in the USA. With plans to open a ready-made clothing store in Sri Lanka, her vision for the brand continues to grow. One of Buddhika’s most personal endeavors has been the creation of a clothing line for children with special needs, inspired by her experiences with her own son. This move reflects her deep commitment to designing for diverse needs and making fashion accessible for everyone.

As a designer with a global vision, Buddhika is determined to put Sri Lanka on the world fashion map. ‘I am truly grateful for the unwavering support of my husband, who has always trusted me and believed in my dreams. My parents and in-laws have been my pillars of strength, and I am incredibly thankful to them for their continuous encouragement. Special thanks to Sithija, who has been instrumental in running our Sri Lankan store from the very beginning,’ she said.

‘Ye Couture is my way of showcasing Sri Lanka’s potential in the global fashion industry, and I am excited to see where this journey will take us.’

Ye Couture is not just a brand; it’s a celebration of Sri Lankan craftsmanship, creativity, and the vision of a designer determined to make a mark on the world.

Sri Lanka stands today at a defining strategic crossroads. An island nation in South Asia alongside the Maldives, it possesses a civilisational heritage spanning over 2,500 years. Yet its modern political economy and institutional framework remain deeply shaped by nearly 450 years of colonial rule under the Portuguese, Dutch, and British. While these influences introduced systems of law, administration, and global trade linkages, they also fostered a cautious and inward-looking national outlook.

This caution was historically justified. Colonial rule was characterised by economic extraction, social stratification, and the British policy of ‘Divide and Rule,’ leaving enduring sensitivities surrounding sovereignty, identity, and external engagement. Consequently, many within Sri Lankan society continue to approach regional integration with understandable apprehension.

However, in today’s interdependent global economy, such caution risks becoming a constraint rather than a safeguard. For small and medium-sized states, isolation limits opportunity, whereas structured regional cooperation enhances resilience, bargaining power, and long-term growth.

Rethinking regional cooperation: Lessons from the world

Global experience shows that regional integration, when well designed, can be transformative. The European Union has turned a historically conflict-prone region into one of stability and prosperity, with intra-regional trade accounting for nearly two-thirds of total trade among member states, supported by a vast single market of over 440 million people.

Comparable trajectories are evident beyond Europe. In Latin America, MERCOSUR-comprising Brazil, Argentina, Uruguay, and Paraguay-expanded intra-regional trade nearly tenfold between 1990 and 2015. Similarly, the Pacific Alliance has deepened integration among Chile, Colombia, Mexico, and Peru, collectively representing over 40% of Latin America’s GDP.

In Africa, the African Continental Free Trade Area-the largest in the world by number of countries-aims to boost intra-African trade by over 50% through tariff reductions and trade facilitation, with early signs of emerging regional value chains.

Closer to Sri Lanka, ASEAN offers a particularly relevant model. Singapore transformed itself from a resource-scarce port city into a global financial and maritime hub, with GDP per capita rising from under $ 1,000in the 1960s to over $ 70,000 today. This underscores how openness and connectivity can elevate even small states to global prominence.

By contrast, SAARC countries-home to over two billion people-remain among the least integrated regions globally. This underscores a clear lesson: integration strengthens sovereignty by enabling shared growth, scale, and resilience.

Towards a broader Asian regional framework

Sri Lanka is well-positioned to advocate a broader Asian Social, Economic, and Security Alliance engaging India, China, and Japan alongside partners across South, West, and East Asia. These regions together account for nearly half the world’s population and close to one-third of global output, exceeding $120 trillion.

Growth patterns are uneven but complementary. West Asia is expected to grow modestly at around 2.8%, while South Asia remains one of the fastest-growing regions, with India projected at 6.5-7.2%.

Within this landscape, Sri Lanka’s geographic advantage and its long-standing ‘Friend to All, Enemy to None’ Foreign Policy provide a credible platform to position the country as a neutral and reliable investment destination. As global capital responds to geopolitical realignments, Sri Lanka can emerge as a hub for regional investment flows seeking stability and regulatory certainty.

Sri Lanka stands at a decisive moment. The transition from insularity to integration is no longer optional-it is imperative. Regional cooperation offers expanded economic opportunity, strengthened national security, and greater resilience in an uncertain global environment. The experience of other regions shows that integration, when strategically managed, enhances rather than diminishes sovereignty. The challenge is therefore not whether to integrate, but how to do so on terms that maximise national advantage

With nearly one-third of global maritime trade passing through the Indian Ocean, such a framework would also strengthen supply chains and enhance maritime security.

Climate cooperation as a shared necessity

South Asia is among the region’s most vulnerable to climate change. Rising sea levels, shifting monsoon patterns, and increasingly frequent extreme weather events threaten agriculture, fisheries, and livelihoods.

A coordinated regional approach would strengthen bargaining power in global negotiations, improve access to climate finance, and accelerate the sharing of adaptation technologies. For countries such as Sri Lanka and Bangladesh, such cooperation is essential for long-term resilience.

Financial integration and regional capital formation

Financial integration remains a critical pillar of regional cooperation. A regional capital market anchored by the Colombo Stock Exchange could enhance capital mobility, attract global investors, and support infrastructure development.

In Europe, cross-border investment flows run into trillions of Euros, while in Southeast Asia, financial integration continues to deepen. A similar framework in South Asia could improve liquidity and position Sri Lanka as a financial gateway.

A key enabler is the Colombo Port City, a 269-hectare Special Economic Zone designed as a ring-fenced, internationally oriented financial hub. Built on globally benchmarked regulatory and fiscal principles, it offers competitive tax concessions, unrestricted foreign ownership, and streamlined administration.

Its strengths-including multi-currency transactions, minimal exchange rate risk, and full profit repatriation-enhance its attractiveness to international investors and position it as a potential anchor for a South Asian investment ecosystem.

Monetary cooperation in a changing global order

Volatility in global financial markets has renewed interest in reducing dependence on the United States dollar. While a common South Asian currency remains a long-term aspiration, practical interim measures are feasible.

These include bilateral currency swaps, regional clearing arrangements, and digital payment platforms. The Eurozone experience underscores both the opportunities and complexities of monetary integration, highlighting the importance of gradual implementation.

Reviving Sri Lanka’s tradition of strategic neutrality

Sri Lanka’s diplomatic history offers valuable lessons. Under Sirimavo Bandaranaike, the country championed the Indian Ocean as a Zone of Peace and contributed to easing regional tensions.

Grounded in the principles of the Non-Aligned Movement, this approach enabled smaller states to maintain autonomy amid great power rivalry. In today’s multipolar world, renewed strategic neutrality can again position Sri Lanka as a credible and trusted regional partner.

Connectivity as an engine of growth

Connectivity remains a key driver of integration. Closer engagement with India presents one of Sri Lanka’s most immediate opportunities. Electricity grid interconnection enables cross-border energy trade and supports renewable energy integration, as demonstrated by India’s links with Bhutan and Nepal.

Transport connectivity also holds promise. The historic Adam’s Bridge between Mannar and Rameswaram reflects earlier physical links, while ferry and rail services operated until the 1980s. Reviving and modernising these connections could significantly enhance trade and mobility.

Reconnecting Sri Lanka and India: Beyond geography

Re-establishing ferry, rail, and potential land connectivity between Sri Lanka and India is both historically grounded and economically viable.

Global examples illustrate the transformative impact of such linkages. The Johor-Singapore Causeway supports over 300,000 daily crossings, while Hong Kong’s integration with mainland China has expanded trade without eroding institutional autonomy.

Reconnecting Sri Lanka-particularly with Tamil Nadu-could boost trade, tourism, and investment while strengthening Colombo’s role as a transshipment hub, provided sovereignty concerns are addressed through clear safeguards.

Reorienting national security towards the maritime domain

Sri Lanka’s security environment is increasingly shaped by maritime challenges, including illegal fishing, narcotics trafficking, and transnational crime.

With a coastline of approximately 1,770 kilometres and an Exclusive Economic Zone of about 517,000 square kilometres, the country must reorient its strategic focus toward maritime security. Strengthening naval and air capabilities, supported by modern state of the art assets and surveillance systems, is essential.

For an island nation, economic and maritime security are inseparable, making this shift both logical and necessary.

Positioning Sri Lanka as a maritime and logistics hub

Sri Lanka’s proximity to major East-West shipping routes provides a natural advantage. The Port of Trincomalee, one of the world’s finest natural harbours, offers strong potential for development as a regional free port.

By expanding into ship registration, maritime services, logistics, training, and marine tourism, Sri Lanka can position itself as a key node in the Indian Ocean economy. Singapore’s success illustrates what can be achieved through strategic vision and efficient management.

Conclusion: A strategic choice for the future

Sri Lanka stands at a decisive moment. The transition from insularity to integration is no longer optional-it is imperative. Regional cooperation offers expanded economic opportunity, strengthened national security, and greater resilience in an uncertain global environment.

The experience of other regions shows that integration, when strategically managed, enhances rather than diminishes sovereignty. The challenge is therefore not whether to integrate, but how to do so on terms that maximise national advantage.

Three priorities stand out. First, Sri Lanka should proactively anchor itself within regional economic and financial networks by positioning Colombo and Port City as gateways for South Asian and wider Asian capital flows. Second, it must accelerate connectivity with India through energy, land connectivity, transport, and digital linkages, while ensuring robust legal safeguards that address sovereignty concerns. Third, a decisive shift toward maritime security and logistics development-particularly through the strategic utilisation of Trincomalee and Colombo-should underpin national security and economic policy.

The choice before Sri Lanka is clear: to remain constrained by inherited caution or to embrace a forward-looking strategy of integration, connectivity, and openness. By leveraging its geographic position, diplomatic legacy, and maritime strengths, Sri Lanka can emerge not as a peripheral player, but as a central node in a rapidly evolving Asian regional order.

Prime Lands Residencies PLC has earned international recognition by winning the Silver Award for Best Use of Account-Based Marketing at the prestigious Hashtag Asia Awards 2026, held on 10 July 2026 at the Sofitel Singapore City Centre, Singapore, for its campaign, “Prime 365: Always-On. Always Ahead.”

The award marks a significant milestone for Prime Residencies and reinforces the company’s position as one of Sri Lanka’s leading real estate brands embracing innovation, customer-centricity, and digital excellence. It also highlights the ability of a Sri Lankan real estate developer to compete successfully on an international stage through insight-led strategy and data-driven marketing.

In the highly competitive category, the Gold Award was presented to an entry from Hong Kong, while the Bronze Award went to an entry from Singapore, placing Prime Residencies among an elite group of regional marketing leaders. The recognition reflects the company’s ability to compete successfully against some of Asia’s strongest digital marketing campaigns through innovation, customer-centric strategy, and data-driven execution.

More than recognizing a single campaign, the award celebrates Prime Residencies’ long-term digital marketing philosophy. Through its “always-on” approach, the company remains consistently connected with customers by delivering personalized, relevant, and timely communication throughout every stage of the property-buying journey, rather than limiting engagement to project launches or promotional campaigns.

The award-winning campaign combines advanced audience segmentation, performance marketing, marketing automation, content strategy, and data-driven insights to create highly personalized and relevant customer experiences across digital platforms, ensuring every customer interaction is timely, meaningful, and valuable.

For customers, this translates into receiving relevant information when it matters most. Whether they are purchasing their first home, seeking an investment opportunity, or searching for their ideal residence, Prime Residencies is committed to providing valuable market insights, property recommendations, and helpful information that enable customers to make informed decisions with confidence.

Behind every digital campaign is a carefully planned strategy driven by customer behavior, market intelligence, and performance analytics. Every communication is designed to reach the right audience through the right platform at the right time. By understanding customer preferences and delivering meaningful engagement instead of generic advertising, Prime Residencies continues to build long-term relationships founded on trust, transparency, and value.

Commenting on the achievement, Nalinda Heenatigala, Director Corporate Affairs for Prime Residencies said:

“Winning this award is a proud milestone for Prime Residencies. It reflects our commitment to placing customers at the center of everything we do. We believe effective marketing is not simply about promoting properties-it is about understanding customer needs, delivering relevant information, and helping people make confident investment decisions. This recognition inspires us to continue raising the standard of digital innovation and customer experience in Sri Lanka’s real estate industry.”

Prime Lands Residencies PLC is a publicly listed real estate developer and a member of the Prime Group, one of Sri Lanka’s most established and respected property development groups. Celebrating over 30 years of excellence, the Prime Group has successfully completed more than 70 developments across Sri Lanka, earning a reputation for quality, credibility, and timely delivery.

As the residential development arm of the Prime Group, Prime Lands Residencies PLC develops thoughtfully designed homes and apartments that deliver lasting value to homeowners and investors. The company also offers an exclusive portfolio of ultra-luxury residences under The One Collection, reflecting its commitment to exceptional design, premium quality, and elevated urban living.

Prime Residencies extends its sincere appreciation to its employees, customers, business partners, and everyone who contributed to this international achievement.

The Silver Award at the Hashtag Asia Awards 2026 represents another milestone in Prime Residencies’ journey of excellence, reinforcing its vision of creating exceptional living spaces while setting new benchmarks in customer engagement, digital innovation, and real estate marketing.

A recent poll that gauged public confidence, satisfaction and trust in President Anura Kumara Dissanayake found that public satisfaction with the President remains high at around 75.5%. In comparison, public satisfaction with Opposition Leader Sajith Premadasa remains low at around 29.4%.

The poll was conducted by the Centre for Policy Alternatives (CPA) titled the ‘Confidence in Democratic Governance Index’ opinion survey by its research unit, Social Indicator, between 23 May and 18 June 2026, with 1,240 people representing all districts and communities of the country.

This and other such polls have consistently indicated low public opinion of the SJB leader, Sajith Premadasa, and hence there needs to be some introspection within the main opposition party.

Former President Ranil Wickremesinghe was long berated for clinging to the leadership of the United National Party (UNP) despite successive election defeats. This is one reason Premadasa and many in the UNP broke away and formed the SJB in 2020.

Since then, the SJB has faced several election defeats, and dissatisfaction within the SJB ranks from time to time has led to talk of it being a good time to name a successor to Sajith Premadasa.

None of Sri Lanka’s political parties has internal democracy. They are dominated by cliques that show unwavering faith in the leadership and don’t question when they go off the tracks. This has been the downfall of most established political parties, which have fragmented over the years and become just shells of what they once were.

The SJB was a makeshift political alliance formed to face elections, and so far it hasn’t done well. The failure of the SJB to win the last Colombo Municipal Council polls was a good enough reason to question the leadership, which failed to work out a proper strategy to win a council that the party could have easily won, but the leadership bungled by going with the views of its loyalists and picking the wrong candidates.

So far, Premadasa has been largely reactive in the manner in which he has taken on issues. Any Government in power will put a wrong foot forward more than once, and this ruling party is doing the same and any responsible Opposition must be vigilant and bring up these issues. But Government mess-ups cannot become the mainstay of an Opposition party. Be it the substandard coal imports, paddy farmer issues or even the prisons case, the public attention on them is short and vanishes as quickly as quicksand till the next issue comes along.

But as the main Opposition party and Sajith Premadasa, who wants another shot at the presidency in 2029, will need to have a better strategy to win against the incumbent. He can’t wait to win by default because of the failings of the Government.

The SLPP may not be the best example, but the formation of the Party and its successive electoral successes are a case of how good strategy worked to swing voters in its favour. The SJB does not need to be a copycat of the SLPP or engage in that kind of divisive politics, but proper research on voter sentiments and grassroots planning that worked for the SLPP can work for any political party if done the right way.

The SJB leader’s father, one-time president Ranasinghe Premadasa, was a clever strategist who built many successful programs such as Gam Udawa and the Million Houses program.

These are good ideas on which the SJB can build. Housing, health, and agriculture are crucial areas which often get neglected by governments and areas on which the main opposition party can build on. Otherwise, the polls, however insignificant they seem, may translate into reality when the next election comes along.

Rare Earths mining in coastal Sri Lanka lays bare capitalism at its most predatory form. Mining lobbies, both domestic and international, are capitalising on the country’s debt distress to push commercial extraction of heavy mineral sands (HMS) from public beaches. In doing so, they not only exploit the country’s vulnerability but also undermine the right to development that working people in the global south have been advocating for years. By instrumentalising the desperation of the Government, these private interests are advancing an extractive economic model at the cost of the ecological and economic well-being of local communities and future generations, while simultaneously jeopardising key sectors that generate foreign revenue, such as tourism, coconut and fisheries. Taking advantage of the bad-debt deal that has left a sizeable debt servicing burden, set to tighten after 2028, Sri Lanka is usurped within the global commodity chains that service the consumption and development interests of the global North. In other words, the Rare Earths rush consolidates Sri Lanka as a cheap destination not only for labour but also for commodities.

Walk, before you run

The National Mineral Policy that the Government of Sri Lanka unveiled in June 2026 articulates the ‘imperative to harness the potential of mineral wealth’, ensuring ‘equitable benefits’ while ‘safeguarding the environment’. The ‘holistic objective’ of the new policy highlights the significance of ‘maximising value addition to minerals, stimulating local processing and manufacturing industries to utilise mineral resources and reduce reliance on exports, and promoting research and development within the sector’ (page 01, National Mineral Policy).

A cost-benefit analysis that a Government would do before any investment project shows that heavy mineral sands mining is not an economically profitable industry for Sri Lanka to pursue. Taxes and royalties that the Government will earn are neither adequate to compensate for the costs on livelihoods, environment, coconut and tourism industries. Nor would these investments create backward linkages, contributing to the industrialisation of our economy

But Capital Metals PLC, joined by Ambeon Capital PLC as the major local partner, thinks differently. Their Taprobane Minerals project located along a 60 KM stretch of the Eastern coast from Komari to Oluvil, is built on extraction, not value addition. The Capital Metals Executive Chairman Greg Martyr, states, ‘In developing countries, often politicians talk about value addition. When they say, ‘We want you to go this far downstream and build a pigment plant or sludge plant’, we say, ‘Hey, hey, walk before you run. Start getting some cash flow in. The rest of the world has been doing it on a stage basis. Start with concentrate and work your way up.’

Martyr’s YouTube video (May 15, 2026) is intended to build investor confidence in the financial viability of the Taprobane Minerals Project in Sri Lanka. What it does is reveal how the extractive mining intent of transnational companies shapes public policy and institutions while disregarding the developmental interests of developing countries. Martyr boasts of active lobbying and influence not only over the Government, but also of ‘shak[ing] up’ the Geological Survey and Mining Bureau (GSMB), shifting GSMB from the Ministry of Environment to the Ministry of Industries. On top of these, the brutal and dirty track record of Capital Metals in its former avatar as the Equatorial Palm Oil PLC in Liberia in 2008 , as well as of individuals leading the company, GCM Resources, involved with the Phulbari massacre in Bangladesh in 2006 , illustrates the predatory nature of mining companies and the dangers of disasters to come. The midwifery role that the Ceylon Chamber of Commerce plays in this dirty business illustrates short-term profiteering interests of the local corporate élites to the detriment of the livelihoods, health of local people and the environment.

The scramble for rare earths

The green to advanced technologies, i.e., wind turbines, smartphones, Electric Vehicles (EVs), glass and ceramics, batteries, polishing agents, military hardware and weapons, rely on Rare Earths. It is a big business tipped to grow at a rate of 10.34% per year between 2026 and 2034, according to Fortune Business Insights. The dominance of China in isolating and refining 92% rare earth elements (REEs), has led to geopolitical tensions augmented by the spillovers from the US trade war on China. Apart from the US, Australia, the EU, Japan, South Korea and India are driving the mineral sands rush, articulating REEs as critical strategic reserves upon which they should acquire control and dominance. In May 2026, India and the US signed a critical minerals and rare earths cooperation framework to ‘engage in international efforts to protect sensitive supply chains from coercive market practices and reduce [their] collective vulnerability to single-source monopolies’ (U.S. Mission India Statement). In parallel, QUAD Critical Minerals Initiative Framework was announced, committing public and private sector financing up to $ 20 billion to consolidate critical mineral supply chains from mining, processing and recycling.

Reminiscing about erstwhile colonial resource grabs, developing countries endowed with Rare Earths are under geopolitical pressure and are forced to pay the price. The scramble for minerals in the Democratic Republic of Congo (DRC) has coincided with increased fighting, deaths and displacement of people. In Myanmar, REE mining has been aided by armed groups and has caused human rights violations, extensive damage to livelihoods and ecosystems. Quest for green energy in Mozambique has passed on toxic waste, leading to public health issues, groundwater pollution and land degradation. In Ganzhou in Jiangxi Province, China, reputed as the Rare Earths Kingdom, extractive mining has led to soil acidification and water contamination. Environmental degradation around the Bayan Obo mining sites in Inner Mongolia province, due to toxic chemicals used in processing, heavy metals and radioactive elements such as thorium, has contaminated groundwater, destroying agricultural and pastureland.

Sri Lanka, too, has been swallowed by the expanding rare earth commodity frontier. Heavy mineral sands, considered a strategic resource, have attracted foreign investors from India, Australia, and South Korea. In contrast to countries with scarcely populated, large land masses, for a small Island nation like Sri Lanka, with a high population density, and coastal areas already vulnerable to erosion and sea level rise, beach mining pose an existential threat.

The Balance Sheet of extractivism

Foreign direct investments in coastal mining in Sri Lanka reveal a larger logic – that capital preys on indebted countries to extract resources, not for local benefit, but to feed global supply chains – EVs, electronics and military hardware, controlled by the Multi-National Corporations (MNCs) of the Global North. Having failed to meaningfully reduce its debt burden, Sri Lanka continues on the edge, susceptible to crisis profiteers. Coastal mining is not development. It is pillage dressed in investor rhetoric.

Stage one of the Taprobane Minerals Project forecasts a $ 40 million return with $ 25 million initial capital expenditure ($ 18 million debt financed from local banks). The 1st stage – concentrate stage, involves extracting 125,000 tons of heavy mineral sands composite of Ilmenite, Garnet, Rutile and Zircon. Mining will be carried out along a 60 km stretch between Komari and Oluvil, from inland up to high tide. If the Government gives in to the persuasions of Capital Metals, there will be no value addition in Stage One. All-in costs for stage one for Capital Metals are $ 18 million

,which includes costs of production, taxes and royalties. As taxes and royalties, the Government of Sri Lanka will only be earning $ 2.8 million (7% of $ 40 million), leading to $ 93.9 million over the nine years that the project is expected to last. According to Capital Metals, drilling and mining work will create 300 jobs.

The income of $ 93.9 million over nine years will have a significant impact on the tourism, coconut and fisheries industries. While eastern beaches such as Arugam Bay are major attractions for tourists, Thirukkovil also hosts major coconut plantations. In addition, fisheries and agriculture provide livelihoods to people. Not only will mining take away communally held coastal land from the people, but excessive use of water and chemicals at the concentrate stage will also poison land, groundwater and destroy the marine ecosystem. To earn $ 93.9 million in 9 years, the Government is effectively damaging the coconut industry, which brings in $ 1.2 billion, and the tourism industry, which brings in $ 3.2 billion, annually. The social, health and environmental costs that will be shifted on the local people are incalculable in economic terms. 300 jobs that heavy mineral sands mining will create would mostly be low-paying, backbreaking jobs, with workers exposed to radioactive material such as thorium, not only from direct contact, but also from radon gas emitted during processing and respirable dust, hazardous to their health.

A cost-benefit analysis that a Government would do before any investment project shows that heavy mineral sands mining is not an economically profitable industry for Sri Lanka to pursue. Taxes and royalties that the Government will earn are neither adequate to compensate for the costs on livelihoods, environment, coconut and tourism industries. Nor would these investments create backward linkages, contributing to the industrialisation of our economy. Removing the black out of the beach will not only destroy the natural character of the beach, which attracts tourists, wildlife like sea turtles, but also remove the natural barrier against erosion.

No doubt that the green turn in production and consumption has created a profitable market for a few. Expeditious implementation of projects such as Taprobane Minerals also indicate possible cases of corruption profiting local bureaucrats and politicians. However, it only entrenches Sri Lanka and its people deeply in the unequal exchange that we have been located as a peripheral country – a destination for cheap labour and commodities, at the disposal of the growth and wealth generation interests of advanced economies. Developed countries like Australia, the US, China, Japan, South Korea, and even India manoeuvre commercial and geopolitical power through their private firms to capture labour and resources from countries like Sri Lanka. It is not a way out of debt distress but a way to getting further ensnared within the vicious cycle.

Rare Earths as commons

People on the island of Mannar have already demonstrated that mining for Rare Earths should not be a justification for denying people their homes. People in Thirukkovil and Panama are echoing these concerns. Thirukkovil and Pottuvil Pradeshiya Sabhas have proven to be more visionary and have halted mining projects. Rare Earths are the Commons, and it is for the people, not private investors, to decide what and how Rare Earths would be used for local needs. The Government and the private sector should recognise the legitimate demands of the people and steer away from green extractivism. As Ditwah points out, in the recent climate change-induced disaster, the Government and people would be better served by centring life and not profit in the form of US dollars at the heart of economic and development policymaking.