The Iranian Mines and Mining Industries Development and Renovation Organization is planning to sell four trillion rials ($114.2 million) worth of Musharaka bonds to develop and renovate Kahnouj titanium and Zarshooran gold mines, IMIDRO reported on its website. Over 3.3 trillion rials ($94 million at market exchange rate) of the overall figure will be allocated to production of titanium pigment from the Kahnouj mine located in Kerman Province, and 700 billion rials ($20 million) will be spent on the development of the second phase of West Azarbaijan Province’s Zarshooran gold mine. Musharaka is an Islamic mode of finance in which capital is provided by two or more parties for project development.
