TEHRAN – Head of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) announced that the organization plans to support knowledge-based companies with innovative ideas that can solve problems in the mining industry.

If the needs of the mining sector can be met with knowledge-based capacities, IMIDRO will have the necessary support measures for the project or knowledge-based companies through Mining Investment Insurance Corporation (MICO), Khodadad Gharibpour said.

As reported by the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), given the high risk of investing in startups by mining companies, IMIDRO will make it possible for these two sides to cooperate.

“The organization's support program for mineral startups is being pursued in collaboration with the Vice Presidency for Science and Technology,” Gharibpour said.

The official noted that for a startup to be included in the program, first there must be a request from the mining sector for a service or product offered by the startup, and the said knowledge-based company (startup) should be validated and approved by the Vice Presidency for Science and Technology.

He said that the mentioned program has started since the previous Iranian calendar year (ended on March 19), it is a demand-driven program to cover the technical needs of the mining sector.

IMIDRO, is a major state-owned holding company active in the mining sector in Iran.

The Organization has eight major companies and 55 operational subsidiaries active in steel, aluminum, copper, cement and mineral exploitation fields.

According to Gharibpour, IMIDRO plans to put projects worth $2.276 billion into operation during the current Iranian calendar year (ends on March 20, 2021).

Holding 68 types of different minerals Iran stands at the 10th place in the world in terms of diversity of its mineral reserves.

The country has over 60 billion tons of untapped mineral deposits, of which 40 billion tons are proven reserves, placing Iran at the 15th place globally.

EF/MA