Iran undertakes investment of USD28M in development of mining infrastructure
Date
5/22/2024 4:22:27 AM
(MENAFN) The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) is undertaking a significant investment of 19 trillion rials, equivalent to about USD38 million, aimed at enhancing infrastructure and providing electricity to the nation's mines. IMIDRO has forged 28 agreements for infrastructure development in private mines nationwide, with 21 projects dedicated to road construction and seven focused on electricity supply.
In line with its objectives, IMIDRO aims to furnish essential infrastructure for 30 mines across Iran by the conclusion of the current Iranian calendar year, which began in late March. Leveraging the country's abundant mineral wealth, Iran boasts an array of resources, including the world's largest reserves of copper, zinc, and iron. The government has been steadfast in its efforts to bolster the mining sector, recognizing its pivotal role in driving economic growth.
Iran's vast mineral reserves include 2.7 billion tons of proven iron ore reserves, constituting 0.8% of the world's total, and 2.6 billion tons of copper reserves, amounting to 0.4% of global reserves. Additionally, the country possesses 11 million tons of zinc reserves, accounting for approximately four percent of the world's total.
The nation's total proven mine reserves are estimated at approximately 60 billion tons, with further expansion expected through the implementation of exploration initiatives covering over 500,000 square kilometers of new mineral zones, spearheaded by the Industry, Mining, and Trade Ministry.
Despite its immense potential, Iran's mining sector has encountered challenges such as limited access to machinery, equipment, financial resources, and foreign investment due to U.S. sanctions. Consequently, government initiatives aim to bolster the industry by fostering domestic resources, thereby enabling the mining sector to surmount existing obstacles and realize its full potential.
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