IMIDROIranian Mines and Mining Industries Development and Renovation Organization
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He underlined that the implementation of exploration activities and preparing plans to represent to investors is one of the policies under consideration by the IMIDRO.
Seven major steel projects in Iran that are dependent on billions of dollars of investment from China have been delayed by financing issues, Iranian state-owned mines and metal holding company IMIDRO said last Tuesday.
The IMIDRO said that according to the deals, Sinosteel will provide funding for construction of two plants for the production of alumina powder and aluminum bar and also a power plant to deliver the electricity needed by these two plants.
Mineral reserves in Iran are valued at around $700 billion said Mehdi Karbasian the managing director of the Iranian Mines and Mining Industries Development and Renovation known as IMIDRO.
The ministry and IMIDRO say Iran now produces 20 million tons of steel per annum, although outside experts say the actual production falls somewhere between 15 million and 18 million tons.
A report by IMIDRO indicates that extraction of these reserves can ultimately continue for a 22 year period.
Iranian Mines and Mining Industries Development and Renovation Organization announced that IMIDRO Chairman of the Board Mehdi Karbasian and Conakry-Guinea Minister of Geology and Mines Abdoulaye Magassouba confirmed and approved the contract in Guinea.
IMIDRO is the state-owned holding mining company that governs and allocates budgets, makes policies and owns the largest strategic mining companies in Iran.
Mehdi Karbasian, the new deputy minister for industries and mines and newly-appointed chairman of IMIDRO, the Iranian Mines and Mining Industries Development Renovation Organisation, shares a similar story.
The IMIDRO director, Mehdi Karbasian, said for his part that Iran's mining sector provides unlimited opportunities for foreign investors.
The cooperation agreement was signed in the form of joint venture between Renault and IMIDRO.
The projects are related to 60 mines in the country adding that IMIDRO needs $28 billion to implement its development projects by the end of the fifth 5 year national development plan.