Economy, Business And Markets

IMIDRO in Mineral Talks With Kazakhs

IMIDRO in Mineral Talks With KazakhsIMIDRO in Mineral Talks With Kazakhs

The deputy minister of industry, mine and trade says Iran is engaged in serious negotiations with Kazakhstan for cooperation in iron ore, steel, zinc, and aluminum sectors, IRNA reported.

Mehdi Karbasian, who is also the head of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), said Tehran-Astana mineral negotiations are expected to yield good results.

Karbasian added that several foreign delegations visited Iran in the last Iranian calendar year (ended March 20), expressing interest in the mining sector. He said Indian financiers, for instance, held negotiations and are supposed to invest in Iran’s steel sector.

The IMIDRO chief further touched upon the crucial role of the private sector in the mining sector, saying IMIDRO signed agreements with private sector mining entities last year.

Karbasian called for the formation of a consortium for selling mineral products, stressing that such consortiums could help the country especially when global markets witness strong fluctuations.

In the past 18 months, after the Rouhani administration came to power, IMIDRO has managed to revive more than 30 abandoned mineral projects worth 240 trillion rials ($8.54 billion based on official currency exchange rate), over 210 trillion rials of which has been provided by private sector firms.

During the period, all IMIDRO projects have been activated and some were completed such as Zarshooran gold mine in West Azarbaijan province and Cerro Azul cement plant in Venezuela.