Economy, Business And Markets

2 MoUs to Help Revive Iran's Troubled Mines

2 MoUs to Help Revive Troubled Mines2 MoUs to Help Revive Troubled Mines

A host of private mining companies and related state organizations signed two memoranda of understanding on Monday for cooperation in reviving 500 troubled small- and medium-sized mines in five years, Iranian Mines and Mining Industries Development and Renovation Organization reported.

The first MoU, signed by IMIDRO Chairman Mehdi Karbasian, Deputy Minister of Industries, Mining and Trade Jafar Sarqeyni, the head of Iran Mine House, Mohammad Reza Bahraman, and Managing Director of Middle East Mines and Mining Industries Development Holding Company Ali Asghar Pourmand tasked MIDHCO with financing the revitalization of the country’s non-ferrous mines.

Established in 2007, the $589 million MIDHCO is a mining investment company operating in steel, iron ore and copper production. 

The two sides signed another MoU with the head of leading iron ore producer Golgohar Mining and Industrial Complex, Nasser Taqizadeh, for developing iron mines to meet the raw material demand of domestic steel producers.

“There are 9,950 mines across Iran, 4,000 of which are currently non-operational. About 92% of Iran’s total mines operate on a small scale with limited economies of scale,” Sarqeyni said.

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