TEHRAN, Iran, May 31. Iran Mining Investment Insurance Company (MICO) has increased its capital to 1.6 trillion rials (about $380 million) to support the mining industry, said the Managing Director of the MICO, Farid Dehghani, Trend reports citing IRNA.
He pointed out that the company plans to raise capital to 5 trillion rials (about $1.1billion) in the future.
Dehghan went on to say that the company is supporting domestically manufactured machinery and offers advances to miners to purchase machinery via Tejarat Bank.
The MICO is working with the Iranian Mines and Mining Industries Innovation Center(IMINO) to support startups.
According to the official, MICO has allocated 3 trillion rials (about $71 million) credit to develop mining exploration and drilling by Iranian Mines & Mining Industries Development & Renovation (IMIDRO) collaboration.