Economy, Business And Markets

Australia Mulls Mining Investment in Iran

Australia Mulls Mining Investment in IranAustralia Mulls Mining Investment in Iran

Australia will soon send a delegation of senior company officials from the mining, trade and industrial sectors to Iran.

To be led by Minister for Trade and Investment Andrew Robb, the visit is expected to take place in May 2016.

This was announced by Australia’s Ambassador to Iran Paul Foley during a meeting with Mehdi Karbasian, chairman of Iranian Mines and Mining Industries Development and Renovation Organization, US-based online news publication International Business Times reported.

The Iranian Mines and Mining Industries Development and Renovation also announced that the Australian Chamber of Commerce will be establishing an economic office in Tehran, IRNA reported.

“The Australian government and economic firms are well-aware of Iran’s economic investment opportunities. Iran’s markets has special attractions to our investors,” said the Aussie ambassador.

The Australian envoy noted that only a few firms from Brazil, Canada and the US could equal the prowess of Australian companies in mining in terms of magnitude and scale. He stressed that they could add significant value to mining relations with Iran.

  Minister’s Invitation

Iran’s Minister of Industries, Mining and Trade Mohammad Reza Nematzadeh also extended an invitation to Australia’s Director General of the Department of Mines and Petroleum, Richard Sellers.

In August 2015, Gerard Seeber, Austrade’s senior trade commissioner for the Middle East and North Africa, noted that Australian companies are interested in making investments in Iran’s mining projects.

The Australian Trade Commission, or Austrade, is the Australian government’s trade, investment and education promotion agency.

International Organizing Committee of the World Mining Congress ranks Iran as the eighth country in terms of mineral production, putting the country’s total mineral production, including metal and non-metal products, precious stones and oil and gas at $162 billion in 2013.

Karbasian urged Australian firms to attend the iron and steel conferences in Iran.

“Cooperation with Australian partners on information, research, technology transfer and development in mining sector is a priority. Australian companies should decide on whether they would come to Iranian markets to survive the competition with European and Asian companies,” he said.