0825 GMT July 11, 2020
According to IMPASCO, which is a subsidiary of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), tenders were held last year for awarding these mining projects in which domestic investors as well as companies from China, Tajikistan, Iraq and Georgia participated, imidro.gov.ir reported.
As reported, contribution of the private sector in the country’s mining sector will improve the gross domestic product (GDP) in the current Iranian year.
Utilizing the private sector’s resources, the mining sector will generate more employment, production and added value for the country.
Iran has a proven mineral wealth of around 50 billion metric tons, said the former minister of industry, mine and trade in February.
The government makes huge investments to expand the mining sector to turn it into a major source of earning hard currency, Reza Rahmani said on February 12.
He said that discoveries made over the past few years had led to a significant increase in Iran’s proven mineral wealth, which includes at least 60 different minerals.
Rahmani said that the discoveries had also proved that Iran’s mineral riches were much higher than previously thought, adding that the country has yet to tap into its vast reserves deep underground.
He said that most of the newly-discovered mines contain rich resources of copper, a precious metal which is mostly concentrated in areas in southeastern and northwestern Iran.
Iran has experienced a surge in its exports of metals over the past two years despite a series of US sanctions that have specifically targeted the country’s trade of metals and raw mining products.