Economy, Business And Markets

$1b Foreign Investment in Zinc Mine

$1b Foreign Investment  in Zinc Mine$1b Foreign Investment  in Zinc Mine

Australian company UCL has signed an agreement with the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) for $1 billion invest in a zinc mine in Mehdiabad, near the central city of Yazd. The UCL has formed a joint venture with the Iran Zinc Mines Development Company, as the original owner of the mine, to produce at least 200,000 metric tons of zinc ingots per year. According to the UCL, the company has so far spent over $16.8 million on exploration operations on the mine. Presently, about 60 units are active in the zinc industry. As a country with the world’s largest zinc reserves, Iran has not been properly using the opportunity to become a leading zinc producer.  Zinc is the world’s fourth most commonly used metal after iron, aluminum, and copper with an annual global production of about 12 million tons. About 70% of the world’s zinc originates from mining, while the remaining 30% comes from recycling.