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As enacted
Contents

22. Amendment of section 48 of the principal enactment

Official English translation. The Sinhala text prevails.

Section 48 of the principal enactment is hereby amended by the addition at the end of that section of the following new subsections :—

“(3) Where the holder of a licence to explore for minerals determines that a mineral may be developed and mined on a commercial basis in the area in respect of which such licence has been issued, he shall have the exclusive right to apply for and obtain an industrial mining licence and artisanal mining licence in respect of such area, if he has complied with the conditions attached to the licence issued to him to explore for minerals and is otherwise not disqualified under any other provision of this Act from obtaining a licence for mining minerals.

(4)

The Secretary shall on a request made by the holder of a licence to explore for minerals and with the prior approval of the Minister, enter into an

Investment Agreement with such holder. Every such

Investment Agreement shall be in such form as shall be prescribed and shall contain such terms and conditions as may be prescribed.”.