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NewsIMIDRO Attracts $7b in Private Investment

IMIDRO Attracts $7b in Private Investment

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The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) has managed to absorb 200 trillion rials (over $7 billion based on official currency exchange rate) in private sector investments during the past 18 months, Fooladnews quoted deputy minister of industry, mine, and trade, Mehdi Karbasian, as saying. He added that IMIDRO’s main goal in the mining sector is to attract investment from the private sector firms. Karbasian, who is also the head of IMIDRO, went on to say that the policy will continue in the current Iranian calendar year (started March 21), and will be focused on persuading non-mining sector firms to invest in the mining industry. According to the deputy industry minister, the value of the mining contracts finalized by the IMIDRO – as the country’s major state-owned holding company active in the mining sector – reached 45 trillion rials ($1.5 billion) over the past Iranian calendar year, showing an unprecedented 290% increase compared to a year earlier. The South Aluminum (Salco), Khamroud coal, and nepheline syenite in the northeastern city of Sarab were among the most important contracts signed and finalized last year. Since the incumbent administration came to power, the industry ministry has sought to revive the mining projects which had been suspended for as long as eight years. IMIDRO, as the industry ministry’s executive body in the mining sector, has also concentrated efforts to facilitate the presence of foreign mining firms in the national mineral projects.