1021 GMT January 17, 2022
The MoU was signed due to Mali's interest in attracting investment and technology for the development of mines, as well as the readiness of Iran to process the raw materials needed by its mining industries, IRNA reported.
According to the memorandum, the Iranian side will cooperate in training mining experts and engineers of the West African country in Mali or Iran through existing training systems as well as development of mines and mining industries in the fields of exploration, extraction, processing and techno-engineering services.
The Iranian organization will also provide economic and investment advisory services to the Malian chamber by preparing a mining investment package for potential Iranian investors.
Having 68 different types of minerals, Iran is one of the top 10 mineral-rich countries across the globe. In this regard, the Iranian government has been seriously pursuing several programs for promoting the mining sector as a major contributor to the country’s economic growth.
A deputy head of Iran Chamber of Commerce, Industries, Mines and Agriculture’s Mines and Mining Industries Committee said on November 12 that the country’s mining sector requires at least $50 billion of investment to reach a proper development level.
“Returning of the mining sector to normal conditions in various sectors of exploration, extraction, and machinery and compensation of arrears in these areas, require an investment of $50 billion to $75 billion,” Mehrdad Akbarian told IRNA.
In recent years, the mining sector has not successful in attraction of trust of investors, Akbarian said, adding, “Part of this is due to sanctions and barriers in the way of exports, and part is due to changes in domestic laws and regulations. These issues have ultimately led to less investment in this sector.”