IMIDRO offers gold, iron ore mines to investors, seeks $50b in mining sector
Iran has put two gold mines and the country’s largest underground iron ore mine up for investment by domestic, foreign and private investors, the head of state-owned mining group IMIDRO said on Friday.
“The largest and only underground iron ore mine in the country, with reserves of 300 million tons, is ready for transfer to domestic and foreign investors,” said Mohammad Aqajanlou, chairman of Iranian Mines and Mining Industries Development and Renovation Organization. “Two gold mines with promising economic reserves in Zanjan and West Azerbaijan provinces are also ready for private-sector investment,” ISNA reported.
He noted that while Iran’s oil sector has more than a century of exploration and production history, systematic mineral exploration began only about a decade ago. “There is high potential for investment in the mining sector that must be realized. To achieve the targets set in the Seventh Development Plan, $50 billion in mining investment is required,” he said.
Iranian policymakers frequently call mining the backbone of industrial development and argue it should replace oil as the primary source of revenue.
In this regard, Aqajanlou said mining is being positioned as a strategic alternative to oil. Since last year, mining and metals projects worth $5 billion have been prepared for launch, with $2.5 billion inaugurated in 2024 and another $2.5 billion due this year. “Mining is not just Iran’s underground wealth; it is the future of the country,” he said, adding that Iran ranks fifth in copper reserves, sixth in zinc and ninth in iron ore.
He also announced a “call for the transfer of 240 exploration permits nationwide,” starting in West Azerbaijan province in northwest, where investment packages have already been defined.
On steel, he said that the steel capacity is expected “to reach 55 million tons this year, but production will be capped at about 32 million tons due to energy and infrastructure constraints.”
“Currently, the ratio of steel production to capacity is 60%, which must rise to 80%,” he added.