BAKU, Azerbaijan, October 29. Iran’s mining sector is in dire need of a hefty $55 billion investment to get the ball rolling, Trend reports.
Gholamreza Nazparvar, head of the mining organization in Iran’s Razavi Khorasan Province, shared this information with local media.
He emphasized that presently, hardly 20 percent of Iran's mineral reserves are being effectively utilized. Nazparvar asserted that banks should take mining operation licenses as collateral; however, banks now do not acknowledge them as such. This presents further complications for mine proprietors. He also stated that sanctions imposed on Iran substantially impede the development, production, and exportation of mineral resources.
It’s worth noting that Iran’s mineral reserves exceed 50 billion tons, with an annual production output of over 400 million tons.