Iran inks $10bn mining deal with Japan

TEHRAN, Feb. 10 (MNA) – Deputy industry minister has announced the signing of a 10-billion-dollar agreement with Japan while talks with Germany and Austria are underway on mining projects.

Mehdi Karbasian said “in view of the plan to become the first economic power in the region by reaching the growth rate of 8 per cent, investment in the mining and mineral industry is undeniable.”

“Fortunately, due to possession of proper supply of iron ore, coal and gas, the country could be among the top ten countries of the world in economic terms,” added the official stressing the need to processing minerals and creation of value added.

Karbasian pointed to foreign investment as a necessity for expansion of the mining sector maintaining “all contracts with foreign companies include technology transfer as well as indigenization in line with economic independence.”

“In all agreements, two approaches of direct investment and financing are at stake while we take all measures to take the most out of Iranian firms and human forces in accordance with national and economic interests,” continued the official.

Deputy minister of industry noted that a total of 6.5 billion euros of Memoranda of Understanding (MoUs) were signed on Iron ore as well as steel and aluminum production chain during the recent visit of President Rouhani to France and Italy; “a portion of the deals pertain to Iranian Mines & Mining Industries Development & Renovation (IMIDRO) while the rest involve private sector firms promising further development of mining and mining industries sections.”

“Currently, negotiations are being conducted with countries like Germany, Austria, Belarus on venues for cooperation in the area of mining,” emphasized the official concluding “recently, an agreement worth 10 billion dollars has been sealed with the Japanese while a four-billion-euro package on zinc, aluminum and minerals has been proposed by China.

 

HA/3047842

 

News Code 114330

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