The huge quantities of mineral resources call for attracting and absorbing domestic and foreign sources, Deputy Minister of Industry, Mine and Trade Mohammad Khazaee said on Tuesday.
Irans mineral reserves are estimated ata whopping 60 billion metric tons, including 37 billion metric tons of proven deposits. Officials say known reserves have been found on explorations over only 7% of Irans total area.
The mining sector is in fact the main base and the mother of development forother sectors which needs special attention, Khazaee said.
"According to the sixth national development plan which is inthe formulation stage, $15 billion in foreign investment is envisaged to be attracted in themines and mining industries sector," he added.
Among foreign firms, Japans leading steelmakers have announced interest in Irans mining projects, including production of precious metals such as titanium.
Executives of Kobe Steel Ltd, Japans fourth-biggest steelmaker, and the State-run Japan Oil, Gas and Metals National Corp (JOGMEC) met officials in Tehran last month and discussed cooperation in Irans mine and mining industries sector.
Head of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) Mehdi Karbasian has said the country plans $29 billion of investment in total in the sector.
The projects include production of aluminum, steel, rare earth elements, copper, gold and coal by tapping Irans mineral reserves, he said.
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Iran possesses 7% of the worlds total mineral reserves.[/caption]Iran possesses 7% of the worlds total mineral reserves worth about $700 billion but this figure could rise to $1.4 trillion with new discoveries, IMIDRO Chief Adviser Nasser Bozorgmehr said earlier this month.
The country is one of the top 10 mineral-rich countries where 68 types of minerals have been identified so far, including the worlds largest deposits of copper, zinc and iron ore.
Irans zinc reserves are the worlds largest, with copper, iron, uranium and lead ranked between seventh and 12th. However, mining and mineral industries combined account for less than five percent of the countrys GDP.
By Press TV
