19746
Mining Investment Insurance Fund Empowered
Economy, Business And Markets

Mining Investment Insurance Fund Empowered

The National Iranian Copper Industries Company has signed a cooperation agreement with the Mining Investment Insurance Fund to protect private producers of copper concentrate, IRNA reported.
The agreement was signed in a Monday ceremony attended by Deputy Minister of Industries, Mining and Trade Mehdi Karbasian. The agreement is aimed at facilitating and speeding up the fund’s process of offering investment insurance to mining companies active in the exploration, extraction and processing of copper ore.
The agreement is aimed at accelerating exploration and extraction of copper mines. According to the deputy minister, who is also the IMIDRO head, the recent capital increase at the Mining Investment Insurance Fund will help extend the fund’s coverage to achieve development targets set for the current year in the mining sector.
Karbasian said protecting small and medium private sector mines is a top priority of IMIDRO, adding that the fund offers the best way to support the miners. He said considering the crucial role of the fund in mining activities, IMIDRO has increased the fund’s capital to 680 billion rials ($23.28 million based on official exchange rate) from the previous 100 billion rials upon the Cabinet’s approval. He pledged that the figure would soon increase to 2 trillion rials ($68.5 million).

  Proposal for Increasing Steel Tariffs
Karbasian said IMIDRO, as the country’s major state-owned holding company active in the mining sector, has sent the Industries Ministry a proposal to levy higher import tariffs on steel. The proposal, if approved, will also offer export incentives to steelmakers.
“The current import tariffs are not high enough since China has allocated huge subsidies for steel export, while tariff rates are currently hovering between 10% and 20%. Turkey, for instance, has imposed a 30% import tariff to confront Chinese dumping policies,” the deputy minister noted.

Short URL : http://goo.gl/qJA2t4

You can also read ...

Online Forex System to Help Promote Transparency
Governor of the Central Bank of Iran has provided further...
TCCIM chief, Masoud Khansari (C), meets Sweden’s Ambassador to Iran Helena Sangeland in Tehran on April 18.
As a Swedish business delegation met with their Iranian...
Capital Intelligence participated in a gathering hosted by the Center of Investment and Consultancy Services  in tehran on April 21. (Photo: Saeed Ameri)
Having entered a new era after the lifting of most sanctions...
Banks to Decide FX Deposits’ Interest Rates
The Central Bank of Iran has focused on encouraging people to...
JP Morgan Sees Headwinds for Tesla Shares
Tesla’s electric car sales will suffer due to increased...
Several lines of the subway network are still under construction.
Allocation of 7 trillion rials ($166.6 million) worth of bonds...
Opel’s owner PSA aims to eliminate 3,700 jobs under a program of voluntary departures.
Planned job cuts at carmaker Opel will save enough cash to...
PTA With Turkey Not in Iran’s Interests
Iran’s economic interests have not been incorporated in its...

Trending

Googleplus