Iran needs $5B to complete mineral projects

Business Materials 8 November 2014 14:12 (UTC +04:00)

ehran, Iran, Nov. 7

By Milad Fashtami - Trend:

Iran needs to absorb some $5 billion to finish the incomplete mineral projects, which, once on stream, will create some 20,000 direct and 100,000 indirect job opportunities, Iran's ISNA News Agency reported on Nov. 7.

The previous administration left behind a large number of incomplete mineral projects. The Industry, Mine, and Trade Ministry now says its top priority is to complete the mentioned development plans.

The current administration has so far competed 30 mineral projects at the cost of over 240 trillion rials (some $7.5 billion based on the exchange rate of US dollar at the free market).

The ministry has invited the private sector as well as foreign firms to invest in the mineral projects.

Mahnaz Bahmani, a member of Economic Commission of Iran's Parliament (Majlis), told Trend Agency on Nov. 7 that the country welcome Azerbaijani investors to invest in the metal mines located in the northwest of the country, near the Azerbaijani border.

"There are huge mines of aluminum, copper, zinc, and gold in the Iranian northwestern provinces of East Azarbaijan, Ardebil and West Azarbaijan," she said.

"Azerbaijani investors can invest in these projects which are believed to be very profitable," she said.

The official website of Iran's Industry, Mine, and Trade ministry names exploratory operations in aluminum and Iron ore mines as the top priorities of the ministry for investment.

Aluminum and Iron mines are also among the four top discovery priorities. According to the ministry, Iran daily produces 1.2 million metric tons of minerals.