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Business

Sanctions not preventing new development, investment in mines

Tehran, A senior Iranian official insisted that sanctions do not hamper the development of the mining sector.

Deputy Minister of Industry, Mines and Trade and Head Iranian Mines and Mining Industries Development and Renovation (IMIDRO) Khodadad Gharibpour said in an exclusive interview with the Islamic Republic News Agency (IRNA) on Tuesday, ‘Under ordinary conditions with facilitating regulations and capital raising infrastructure, credit lines, finance, and the potential of foreign banks were used to finance IMIDRO projects.’

The official underlined that the capital market is intelligent and it always enters a space that has the least risk of capital, on a high margin of confidence, and return and security of its capital is guaranteed.’

Gharibpour highlighted, in recent months, we witness that the major wandering capital of the country was diverted towards coin, currency and cars markets, but we note that mining is also a fascinating and secure part in attracting domestic and foreign capital.’

The head of the IMIDRO Executive Board went on to say that one of the best ways is to introduce projects to the private sector and use the ability of banks to direct funding to the mining and mineral sector.

He has typically referred to large mining companies such as Chadoremlou, iron ore and metal mines, which, after their shares are traded on a stock exchange, will have long queues for them.

Source: Islamic Republic News Agency IRNA


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