64621
Iran’s Mining Projects on Hold Amid Investors’ Apprehension
Economy, Business And Markets

Iran’s Mining Projects on Hold Amid Investors’ Apprehension

Iran has put on hold “almost all” of its mining agreements with foreign investors, as companies from Europe to Asia fear additional sanctions on the Persian Gulf nation’s economy, according to deputy minister of Iran’s ministry of industries, mining and trade.
“Less than $100 million of projects are moving forward, out of the $50 billion in potential investment the government is seeking from overseas mining companies by 2022,” Mehdi Karbasian was also quoted by Bloomberg as saying in an interview in Tehran on Monday.
“Fearing they might get placed on a blacklist in the wake of the return of sanctions, the companies with whom we have made these deals have suspended almost all of the agreements and maintained a wait-and-see attitude.”
US President Donald Trump imposed new curbs on Iran’s economy after the country conducted missile tests earlier in the year and US senators have introduced a bill to further tighten restrictions.
Iran has more than 5,000 active mines, mostly privately owned, according to a 2013 report by the US Geological Survey.
Mining and manufacturing, led by steel and cement, account for 13% of gross domestic product, against 16% for crude oil and natural gas, the USGS said in the report.
In 2015, as international powers prepared to ease sanctions the following January, Iran was attracting interest from mining companies from Italy and France to Brazil and Australia.
“Plans were to double steel production by 2025, with German, French and Dutch delegations visiting Iran to discuss investments in steel and mining,” Karbasian said in August 2015.
Stalled projects include expansion of Hormozgan and Isfahan steel companies, which each had €400 million ($439 million) of deals with foreign partners, according to Karbasian, who is also the managing director of the state-run Iranian Mines and Mining Industries Development and Renovation Organization.

Short URL : https://goo.gl/cOSv9B
  1. https://goo.gl/56uYc3
  • https://goo.gl/jLZ24W
  • https://goo.gl/Lj8fNx
  • https://goo.gl/1wNx6A
  • https://goo.gl/kplUO2

You can also read ...

Bank Melli Iran Revamping European Branches
Bank Melli Iran is planning to overhaul its European branches...
VW Faces Italian Cheating Charges
A court in Venice will hear a class action suit filed in Italy...
Watermelon Exports Exceed 21K Tons
More than 21,500 tons of watermelon worth 134.5 billion rials (...
New rules to get tougher on rookie racers.
Traffic Police has rewritten the rules for issuing new driving...
The new 5 series sedan costs $52,000 in the international market.
A local company importing BMW cars has received permits to bring...
False Peugeot News Shakes Iran Auto Stocks
 Uncorroborated reports circulating on social media about "the...
Maybach Enters Iran via Kish
Mercedes-Benz's ultra luxurious Maybach brand is back after...
EVs Will Be Cheaper Than Gasoline Cars
Electric cars will soon be cheaper to buy than conventional...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus