News ID: 200520
Published: 0249 GMT September 13, 2017

Iranian mining companies to receive foreign finance

Iranian mining companies to receive foreign finance

Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) Managing Director Mahdi Karbasian announced a finance agreement between Iran and Germany, saying Iran will receive good news about mining finances from a number of countries.

Speaking to reporters on the sidelines of the ceremony for introducing the new CEO of Iran’s National Steel Company, Karbasian said “there are good news awaiting Iran concerning the mines and mining industry,” Mehr News Agency reported.

According to the official, two plans have been finalized which include the development of Hormuzgan Steel Company and a new development plan for Mobarakeh Steel Company.

Mobarake Steel Company reached an agreement with a German investor on Monday, under which the Iranian steel company will receive investments from the European country.

Karbasian said that Germany’s finance for the mining company has been finalized, but the figure will be revealed after the deal is signed. According to Karbasian, Italy is also considering to offer some finances as well.

Karbasian added that Iran is also in talks with China in order to attract foreign investment.

The recent contract signed between Iran's Ministry of Economy and South Korea has also provided good opportunities to finance mines and mining industries in the country, he added.

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