10 investment holdings to be established in industry, mining sectors

October 19, 2020 - 14:54

TEHRAN – Iran's Deputy Industry, Mining, and Trade Minister Saeed Zarandi announced the establishment of 10 investment holding companies in the industry and mining sectors in near future, IRIB reported on Monday.

“Launching seven investment holdings in the industrial sector and three holdings in the mining sector is on the agenda and will be operational soon with legal considerations,” Zarandi said in a ceremony for the establishment of a public joint-stock company active in the mining and mineral industries sector.

As reported, the ceremony was held in the presence of representatives of large mineral and mining industry companies, as well as investment funds related to these companies.

Speaking in the ceremony, Zarandi said the investment is one of the main requirements of the country's mining sector today, adding: “In this regard, the capital market has provided the opportunity to form new investment holdings in the form of public joint-stock companies.”

“Directing the existing liquidity and the capital market resources toward the productive sectors of the country is a priority of the Ministry of Industry, Mining, and Trade,” he stressed.

According to the official, the Ministry of Industry, Mining and Trade has paid special attention to these resources both in the production sector and in the mining sector, and has proposed and presented specific programs in this regard since the end of the previous Iranian calendar year (March 19).

The deputy minister further stated that if the necessary preparations are done for the entry of 50 mining companies into the capital market in the current year, in practice, very important work has been done in this sector and it can be a prelude to planning for years to come.

Being among the world’s top mineral-rich countries, Iran has set a new target for further development of its mining sector as the country’s economy is moving away from oil toward becoming oil-independent.

In this regard, the government has urged the Industry, Mining and Trade Ministry to take necessary measures for supporting such mines to get back on their feet and start operating again.

The main solution that has been offered for the mining sector is for mines to enter the capital market and offer their shares to raise funds for developing projects and resuming their operations.

EF/MA

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