The deputy head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA)\u2019s Mines and Mining Industries Committee has said the country\u2019s mining sector requires $50 billion-$70 billion of investment to reach a proper development level.<\/p>\n\n\n\n
\u201cReturning of the mining sector to normal conditions in various sectors of exploration, extraction, and machinery and compensation of arrears in these areas, requires an investment of 50 to 75 billion dollars,\u201d Mehrdad Akbarian told IRNA on Thursday.<\/p>\n\n\n\n
In recent years, the mining sector has not been able to gain the necessary trust of investors, Akbarian said, adding: \u201cPart of this is due to sanctions and barriers in the way of exports, and part is due to changes in domestic laws and regulations. These issues have ultimately led to less investment in this sector.\u201d<\/p>\n\n\n\n
According to the official, the mining sector\u2019s priority for attracting investment should be the exploration area, and any country should have a clear view of the amount of its mineral reserves for a period of at least 20 years to be able to plan in this area.<\/p>\n\n\n\n
\u201cIn this regard, we need a national program,\u201d he said.<\/p>\n\n\n\n
The second priority for attracting investments should be the supply of modern equipment and the modernization of the worn-out and depreciated machinery, he stressed, saying: \u201cIn this regard, it is necessary for the government to encourage large companies to do the work.\u201d<\/p>\n\n\n\n
\u201cIn the current situation, the only solution is to persuade large companies to form consortia with small and medium-sized enterprises, so that the accumulation of their capital would ensure large companies to supply raw materials and will also benefit small units,\u201d he explained.<\/p>\n\n\n\n
The government must work with organizations and the private sector to design the right models in this regard, he noted.<\/p>\n\n\n\n
Having 68 different types of minerals, Iran is one of the top 10 mineral-rich countries across the globe. In this regard, the Iranian government has been seriously pursuing several programs for promoting the mining sector as a major contributor to the country\u2019s economic growth.<\/p>\n\n\n\n
Iran’s proven iron ore reserves are 2.7 billion tons, while the country\u2019s copper reserves are 2.6 billion tons. The country also has 11 million tons of zinc reserves.<\/p>\n\n\n\n
The total proven reserves of Iran’s mines are estimated at about 60 billion tons, which is expected to reach more than 100 billion tons with the implementation of the Industry, Mining, and Trade Ministry\u2019s exploration programs over 500,000 square kilometers of new mineral zones.<\/p>\n","protected":false},"excerpt":{"rendered":"
The deputy head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA)\u2019s Mines and Mining Industries Committee has said the country\u2019s mining sector requires $50 billion-$70 billion of investment to reach a proper development level. \u201cReturning of the mining sector to normal conditions in various sectors of exploration, extraction, and machinery and compensation of […]<\/p>\n","protected":false},"author":4,"featured_media":2598,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[16,2],"tags":[],"class_list":["post-2597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-iran-news","category-news"],"yoast_head":"\n