TEHRAN- The 12th International Investment Opportunities in Iran’s Mines and Mining Industries Exhibition and Conference (MINEX 2023) kicked off in Tehran on Wednesday, IRIB reported.

Some 250 domestic and foreign companies from various countries, including Russia, Germany, the Czech Republic, Italy, Poland, Sweden, Romania, and Turkey, are participating in this three-day exhibition.

This event covers three main sectors of exploration, extraction, and processing, and companies active in different fields like mining equipment and machinery, mining industries, investor companies, financial and credit institutions, and consulting engineers showcase their latest products and services in the exhibition.

Having 81 different types of minerals, Iran is one of the top 10 mineral-rich countries across the globe. In this regard, the Iranian government has been seriously pursuing several programs to promote the mining sector as a major contributor to the country’s economic growth.

The total proven reserves of Iran's mines are expected to reach more than 100 billion tons with the implementation of the Industry, Mining, and Trade Ministry’s exploration programs over 500,000 square kilometers of new mineral zones.

Despite the country’s huge potential in this area, due to some issues like the lack of necessary machinery and equipment and the lack of access to financial resources and foreign investment because of the U.S. sanctions, the Iranian mining sector has been struggling to operate at its maximum capacity over the past few years.

So, the government programs for promoting this industry are mainly focused on relying on domestic sources to help the mining sector overcome its current problems and hit its ideal targets.

EF/MA