Iran's largest state-owned mining holding and a consortium of steelmakers signed an agreement on Sunday to invest $1 billion in setting up an integrated steel production chain in Kurdestan Province.
"As per this agreement, capacities will be established for the production of 2.5 million tons of iron ore concentrate, 2.5 million tons of pellet, 1.6 million tons of direct-reduced iron, 1.5 million tons of molten metal and 1 million tons of flat steel per year," said Mehdi Karbasian, chairman of Iranian Mines and Mining Industries Development and Renovation Organization.
"Two or three of the six plants are set to start production in the next three years," he added.
According to Mohammad Darevazmi, the head of Kurdestan Province's Industries, Mining and Trade Organization, the consortium is made up of Kimia Maaden Sepahan Company with a 16% share, Emdad Mines Mobilization Development Company with 20% and Sabanour Mining and Industrial Development Company with 20%. He added that IMIDRO owns a 44% stake in the consortium.
May 14, 2018 18:23
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$1b of Domestic Investment for Kurdestan Steel Production
Capacities will be established for the production of 2.5 million tons of iron ore concentrate, 2.5 million tons of pellet, 1.6 million tons of direct-reduced iron, 1.5 million tons of molten metal and 1 million tons of flat steel per year
Kurdestan Province is home to 20 iron ore mines that hold about 74 million tons of the country’s 2.8 billion tons of proven reserves
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