Investment Requirements in Iran’s Mining Sector

According to the report of public relations of IMIDRO, during the 7TH commemoration of mine week at Amirkabir University, Amir Sabbagh said that last year(ended 19 March 2016) approximately $11.5billion foreign trades were done in mine and mining industries sector including 7 billion and 50 thousand dollars exports and 4.44 billion dollars imports. The most imports and exports were belonged to steel industry chain and downstream products which includes 38 percent export and 68 percent import.

He noted the IMIDRO’s inauguration plans in current year and said that 12 IMIDRO’s development plans worth679.2 million dollars and 5 plans related to IMIDRO worth 509.7 million dollars will be inaugurated by the end of the year.

Also in current Iranian year (started on March20) investment contract of 8 projects worth 1.7 billion dollars will be validated, he added.

He explained that 30 billion dollars for implementation of “Comprehensive Steel Plan”, 11 billion dollars for ”Aluminum Chain Development Plan” and11 billion dollars for implementation of ” other development plans “will be invested .

He mentioned some requirements of investment in mines and mining industries sector in Iran and said that these requirements includes Standardization of rules and regulations, Providing incentives(tax, study grants and financing, the share of providing loan from investment ),development of transportation and energy infrastructures, Development of special zones, domestic and international markets and using risk insurance.

Other foreign investment requirements are reinforcement of development organizations, transparency of long term and short term policies, improvement of business environment, holding and attending domestic and foreign conferences, expansion communications with world’s large companies, attractive and competitive mineral reserves of the country, he continued.

Regarding the concentration of most mines in east of the country and government’s policy for employment and poverty alleviation, there is high capacity for development of this sector.