Iran mining attracts $10 billion

Iran’s mining sector has now more than $10 billion of investment pledges by the Europeans and Chinese under its belt, Deputy Mine, Industry and Trade Minister Mehdi Karbasian says. 

“$10 billion of foreign investment package has been drawn up for three countries,” the Mehr news agency quoted him as saying Monday.

Italy’s Danieli signed a joint venture and agreed orders worth in total about 5.7 billion euros during President Hassan Rouhani’s tour of Europe last week.

The venture “Persian Metallics”, with an estimated worth of 2 billion euros, involves a group of international and Iranian investors.

Danieli would have a majority 60% stake compared to 40% for Iran’s IMIDRO in the ventures, Karbasian has said.

The company said it signed agreements to supply heavy machinery and equipment to Iran.

Italian and Chinese companies are expected to carry out the second phase of Salco, Iran’s largest aluminum smelter plant.

The Chinese are expected to invest as much as 4 billion euros in Iran’s mining and mineral industry, Mehr said.

France’s aluminum company Fives also signed a deal to invest in Iran when Rouhani visited Paris.

The country stands to make an estimated $700 billion off its vast deposits of minerals such as copper, iron ore, zinc and lead.

“They are an incredibly mineral-rich nation,” Rebecca Keller, a science and technology analyst with the Texas-based global intelligence company Stratfor, told the Associated Press last week.

Iran has more than 3,000 active mines, mostly privately owned, that contain copper, iron ore and heavy rare earth elements.

“They’re everywhere,” Keller said of Iran’s minerals.

By Press TV