Iran allocates $200M for mineral exploration projects

Business Materials 1 March 2015 17:40 (UTC +04:00)

Baku, Azerbaijan, March 1

By Fatih Karimov - Trend:

The Iranian parliament has approved 5,400 billion rials (about $200 million) to be allocated for mineral exploration projects.

MPs allowed the Ministry of Industry, Mining, and Trade to use the fund also to expand mining infrastructures, Iran's Fars news agency reported on March 1.

The Islamic Republic stands among the top 15 mineral rich countries in the world and ranks first in the Middle East.

The country holds more than seven percent of the total mineral reserves of the globe. It lies on 37 billion metric tons of proven reserves and holds more than 57 billion metric tons of potential reserves of some 68 types of minerals.

In March 2014, Iran's deputy minister of industry Mehdi Karbasian said 37 foreign companies have announced readiness to invest in Iran's mining projects.

One of the main policies of the administration is to encourage Iranian investors living overseas to participate in domestic development projects, Karbasian said.