BAKU, Azerbaijan, October 27. Iran requires substantial investment to develop its mining sector, with an estimated need of 55 billion euros, said Mohammad Reza Bahraman, Deputy Head of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), Trend reports.
Speaking during a meeting on the Mining, Mining Equipment, and Supply Exhibition (Iran Conmine 2025) in Tehran, Bahraman noted that Iran is setting its sights on a 13 percent leap in the mining sector by 2029 and may be looking to join forces with neighboring countries for investment projects.
He mentioned that a number of nations have put their eggs in the basket of rare elements and mining minerals, and Iran ought to seize the bull by the horns and tap into its existing potential to follow suit.
“Iran must identify new markets to establish itself in the mining sector. Considering that Iran supplies raw materials to many countries, it is essential to utilize the free trade potential with member states of the Eurasian Economic Union,” he said.
He also emphasized that the sanctions have thrown a wrench in Iran's plans to reel in foreign investment.
“Even though sanctions limit external investment, the sector’s needs must be addressed while maintaining current operations,” Bahraman added.
Iran boasts an extensive network of around 12,000 mining operations, with mineral reserves surpassing 50 billion tons. Yearly mineral extraction metrics indicate a throughput exceeding 400 million tons.
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