Mining sector to undergo ‘positive shock’
Allocation of approved credit to small- and medium-sized mines is expected to provide the mining sector a ‘positive shock’, said a senior official of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO). Farid Dehqani said that based on the deal, the fund will allocate 10 percent of a $1.5 billion job-generating plan for […]
Allocation of approved credit to small- and medium-sized mines is expected to provide the mining sector a ‘positive shock’, said a senior official of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).
Farid Dehqani said that based on the deal, the fund will allocate 10 percent of a $1.5 billion job-generating plan for rural regions, to the development of mines located within a radius of 20 kilometers from the villages.
He said the deal was signed in March 2018 between IMIDRO, the Ministry of Cooperatives, Labor, and Social Welfare and an organization responsible for developing deprived rural regions.
He added that another agreement signed with the Iranian National Copper Industry Company will provide funds to revive small- and medium-sized mines.
Dehqani said the nominal and actual capital of the fund was nearly $2.4 million before 2013.
He noted that the figure has currently risen to over $34 million.
The official underlined that IMIDRO has drawn up strategies since 2014 to press ahead with processing procedures in small- and medium-sized mines.
He said some $24 million have been allocated to the iron ore sector over the past four years for extracting and processing processes.