Zare: Future contracts will be a combination of” general and specific” conditions for each complex.

The reform of contractual structures and increasing the authority of complex managers to attract investors is this company’s strategic priority. Contracts must simultaneously cover ground realities, local differences, and the legal and economic requirements of the country in order to pave the way for sustainable development instead of creating crisis.

‎According to Imidro's Public Relations, Tooraj Zare, Managing Director of Iran Minerals Procurement and Production Company, considered correction of contracts as one of the most serious management priorities and noted: "One of the most important topics for the company is the issue of attracting capital." We have 8 to 10 years of experience in this field, from contracts that have been terminated to finalized. ‎

Regarding the 'resilience' in IMPASCO,he stated that the first step is to review the administrative and decision-making structures. He added that for achieving success we need real team-building in the complexes. The managers of the complexes must have the power and authority to attract investors to their units, and our role in the headquarters should be a macro supervision.

Zare, while pointing out the necessity of redefining some key issues in future contracts declared:

Guarantees should be set regarding the conditions of each complex; iron ore projects naturally have a stronger economy, but some projects require a capable investor.

He referred to the shares and the timing of commitments and noted that they must be accurately determined and have strong enforcement guarantees. The format of the contracts should include two sections: "common general conditions" and "specific conditions for each complex" to cover the different natures of activities.

The Managing Director of IMPASCO also referred to other important issues such as the determination of employees after the completion of work, extension of contracts, cultural and local differences, infrastructures, management of waste, the possibility of multiple investors in a mine, the boundaries of activities, proportion of guarantees and penalties, and exploitation and development permits and emphasized that each of these factors should be considered independently and transparently in the contracts.

Zare also considered the eligibility of the investor, the system of warning, reward - punishment, the method of supervision (through a consultant or internal team), and the mechanism for the investor's exit and the obligation of movable assets and machinery as some of the crucial topics in contracts. He added: A strong contract is not enough on its own; contracts must have the necessary flexibility to cope with changes over time. Additionally, clarity in financial formulas, attention to exchange rate fluctuations and safety requirements should be included in contractual documents.

At the end he emphasized: We definitely support the managers of the complexes. They must be present in the tender processes and commissions, as they are experienced and can help to clarify issues and improve the quality of contracts.