Economy, Business And Markets

British Firms Share Insights on Mining Sector

British Firms Share Insights on Mining SectorBritish Firms Share Insights on Mining Sector

A seminar dubbed “Strategies for attracting foreign investments and introducing regulations” was hosted by the Iranian Mines and Mining Industries Development and Renovation Organization at its headquarters last week.

The one-day event was attended by representatives of Wardell Armstrong International–a British multidisciplinary engineering, environmental and mining consultancy–and Simmons and Simmons–a London-based international law firm, IMIDRO reported on Wednesday.

“The lifting of sanctions [imposed on Iran over its nuclear energy program, and expected to be lifted as part of the July 14 nuclear deal in early 2016] is the best possible news for Iran’s mining sector,” said Wardell Armstrong’s managing director, Phil Newall.

According to Newall, Iran’s mining sector offers an attractive investment opportunity, due to the country’s high amounts of diverse mineral reserves, educated and sophisticated workforce, and Iran’s stability and security at the heart of a turbulent region.

The British consulting geologist believes that the first step Iran must take to successfully absorb foreign investments in the mining sector is to present its investment opportunities in accordance with the global standards. Pointing to feasibility and scoping studies as the cornerstones of introducing investment opportunities to the international audience, Newall emphasized that without proper economic studies and analyses, the mining sector will not be able to develop.

Wardell Armstrong’s Technical Director Mark Mounde echoed the same sentiments and said the mining projects’ financial, social and environmental risks must be thoroughly assessed and presented to foreign investors to pique their interest.

With over 175 years of experience in the mining sector, Wardell Armstrong International provides a broad range of mining services encompassing the whole mine life cycle from exploration planning, early stage scoping and feasibility studies to mine closure. It is specialized in discovery and extraction of gold, copper, molybdenum, nickel, phosphate and coal, according to the firm’s website.