- There is a high demand for foreign investment in Iran’s mining projects, so that many multinational companies have put in their investment requests, according to Iranian Deputy Industry, Mining, and Trade Minister Mehdi Karbasian.
Companies from Germany, Spain, Denmark, Belgium, England, France, Switzerland, Canada, South Korea, India, Kazakhstan, Oman, and Kuwait have so far requested for making investment in the Iranian mining projects, Karbasian, who is also the director of the Iranian Mines and Mining Industries Development and Renovation, known as IMIDRO, said.
In order to attract foreign investors, they will be given the right to operate Iranian mines for 25 years, the Mehr News Agency quoted Karbasian as saying on Tuesday.
Iran is believed to hold more than 7 percent of the world’s total mineral reserves. It ranks at the 10th place in terms of the variety of mineral resources. Key large deposits that still remain underdeveloped are zinc, copper, iron, uranium, and lead.
Western companies are one after the other engaged in talks with Iran to resume their delayed activities or make new investments in the Islamic Republic.
The recent developments came as world powers and Iran reached a framework agreement in the Swiss city of Lausanne in early April. Iran and the P5+1 group of countries have reached a mutual understanding on ironing out their differences over Tehran’s nuclear program and reaching a final deal by the end of June.
On May 9, Iran’s Vice President Es’haq Jahangiri pointed to the growing number of Western companies attempting to return to Iran following the possible removal of sanctions against the country and said Tehran would rather support foreign investment.