TEHRAN, Iran, Aug.16
Trend:
Iran has increased capital in Mining Investment Insurance Corporation 11 times and has the agenda to develop mine and exploration in small scale mines, said the Managing Director of Mining Investment Insurance Corporation.
One of the main programs is to increase the role of Mining Investment Insurance Corporation in the development of the mining sector especially small mines, said Farid Dehghani, Trend reports citing IRNA.
"We decided to increase the capital in three phases to $380 million considering the increase of domestic inflation and foreign currency rate. The following figure is the minimum for the mining sector that has been improved by the head of Iranian Mines & Mining Industries Development & Renovation (IMIDRO) and currently, the necessary pre-payments for an increase of capital have been implemented," he noted.
Dehghani indicated financial support of complementary and basic discoveries and risk management are major programs of the Mining Investment Insurance Corporation.
"We plan to allocate more than $71 million to the basic discovery of small-scale mines in the current Iranian year (started March 21, 2021)," he added.