Iran to invest in 41 mining projects worth €6bn

8 July 2014 (Last Updated July 8th, 2014 18:30)

Iran is implementing 41 mining projects at an investment of €6bn, according to Iranian Mines and Mining Industries Development and Renovation Organisation (IMIDRO) deputy director Jamshid Mollarahman.

Iran is implementing 41 mining projects at an investment of €6bn, according to Iranian Mines and Mining Industries Development and Renovation Organisation (IMIDRO) deputy director Jamshid Mollarahman.

Mollarahman was quoted by the Tehran Times, which cited the Mehr News Agency, as saying that the country is prioritising the expansion of mining and mineral exploration activities and that the projects will create about 25,000 direct jobs in the country.

"The number of foreign companies willing to support Iran's mining projects is on the rise and the country is encouraging Iranians living overseas to invest in mining projects."

IMIDRO director Mehdi Karbasian previously revealed that Iran plans to exploit around 5,000 mines to boost its mineral production.

The country has prepared a plan to invest $1bn in iron ore concentrate and palletising projects, as well as seeking foreign participation.

In March, Karbasian said that the number of foreign companies willing to support Iran's mining projects is on the rise and the country is encouraging Iranians living overseas to invest in mining projects.

The organisation's plan includes ramping-up production of iron ore concentrate and pellets to five million tonnes a year at Sangan mine, located in the north-eastern province of Khorasan Razavi. The mine is estimated to hold around 1.2 billion tonnes of iron ore reserves.

Under its 20-year economic vision plan, Iran aims to increase its steel production capacity to 55 million tonnes.

Iran exports its mineral products to 159 countries across the world including Iraq, China, the UAE, India and Afghanistan.

Energy