Economy, Domestic Economy

$1b Iron Ore Project

$1b Iron Ore Project$1b Iron Ore Project

A foreign company has won the tender to establish Sangan iron ore pellet manufacturing plant, Mehdi Karbasian, the CEO of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) said in a news conference on Monday. IMIDRO put the project to build the iron ore pellet manufacturing plant in Sangan - located in the northeastern province of Khorasan Razavi - out to a public tender and the winner will provide $600 million in finances for the implementation of the project, he said. The project needs a total $1 billion of financing to be completed, he added.