TEHRAN, Iran, June 13
Trend:
Iran's Mining Investment Insurance Corporation, a prominent insurance fund, is expected to invest in 4,000 inactive mines across the country, said the corporation's CEO.
"The investments will help revive the small scale mines that are inactive and provide financial resources for their exploration activities," said Farid Dehghan, Trend reports citing IRNA.
"It has been planned that $119 million would be invested in mines during the first half of the current Iranian year [began March 20, 2020], while $238 million is expected to be allocated later," Dehghan added.
"Some mines experience infrastructure problems including lack of access to road, water and power alongside environmental and climate challenges that limit their activities. Iran Minerals Production and Supply company has developed a plan, while the Mining Investment Insurance Corporation has provided funds to address the problems," said CEO.
"The corporation will support miners in private sector and resolve issues related to insurance credit according to contracts with banks," he said. "If mine owners can not pay the loan installment in time, the bank would obtain the payment after three installments."
"More than 90 percent of the funds have been provided for equipment renovation and mine machinery," he added.