TEHRAN – Head of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) said the country’s private sector has invested 11.3 trillion rials (about $269.04 million) in the mining sector since the last December, Mehr news agency reported on Monday.

“This amount of investment is a turning point in the private sector’s contribution to the development of the country’s mining industries,” Khodadad Gharibpour said in an IMIDRO deputies meeting.

The official noted that in the current situation when the country is subject to unjust sanctions, such investments over this short period of time is a remarkable sign that the private sector has a positive outlook for this sector.

Gharibpour also stated that with the aim of removing barriers from the way of IMIDRO’s key sectors such as exploration and infrastructure, the budget ceiling for such areas is removed.
“Unrestricted exploration budget means that we will fund as many exploration projects as there are,” he explained.

“In addition, the infrastructure budget has also quadrupled,” he added.

The IMIDRO head further said that in the face of tough economic conditions, production has not slowed down but it has also increased, adding that during the first three months of this Iranian calendar year (March 21-May 21), the production of steel products, sponge iron and steel ingot grew by 16 percent, 10 percent and five percent, respectively.

EF/MA