Investment in Iran mining sector rises 73% despite bans: Minister

An Iranian minister says 73-percent increase in investments in Iran’s mining sector in the previous Iranian calendar year (ended March 19, 2012) shows futility of the illegal US-led sanctions against the Islamic Republic.

Iranian Minister of Industry, Mine and Trade Mehdi Ghazanfari said on Friday that Iran’s mining projects have attracted many investors, despite US-engineered sanctions imposed on the country.

The minister noted that mining sector can play a major role in helping Iran overcome the US-led bans.

Ghazanfari stated that Iran’s mining industry enjoys many advantages including the abundant metal and non-metal resources as well as energy reserves in Iran, the growing demand for Iranian mineral products, the talented and plentiful workforce in the country, and access to open seas.

He said mining industry can guarantee sustainable economic development in Iran and contribute to the growth of other economic sectors in the country.

Highlighting the importance of a flourishing mining industry as precondition to development of parent and downstream industries, Ghazanfari noted that optimal and timely use of mineral reserves will guarantee Iran’s economic and industrial development.

On January 15, the Iranian industry, mining and trade minister said the country’s mineral reserves are valued at more than USD770 billion.

The country’s total mineral reserves are estimated to be 57-58 billion tons, Ghazanfari stated, adding that Iran has 37-38 billion tons of proven mineral reserves.

Source: Press TV

Leave a Reply

Your email address will not be published.