Turks seek investment in Iran ferrochrome
Turkey’s Yildirim Holding AS says it is interested in investing in Iran for production of stainless steel feedstock ferrochrome, the Fars news agency said on Friday.
Its chief executive Yuksel Yildirim has traveled to Tehran to attend Iran Mine and Mining Industries Summit and scope out potentials for investment in the country.
In his meeting with IMIDRO chairman Mehdi Karbasian, the Turkish industrialist said that for the start, his company is ready to buy Iran’s ferrochrome products or a smelter and mines in the country.
Sabzevar Ferrochrome is the only producer in Iran of the alloy which is mainly used to prevent corrosion in steel.
Yildrim Holding is ready to sign a 10-year deal for production of ferrochrome, its CEO said, adding Iran is his company’s new target after operations in Turkey, Russia and Kazakhstan.
The company is also prepared for cooperation in Iran for production of potash, phosphates, fertilizers and mineral equipment, he said.
Karbasian welcomed the interest of Turkish investors in Iran, saying the country is ready for negotiations on ferrochrome production.
The official also outlined Iran’s mining and mineral capacities, citing huge coal resources in Tabas which the country wants to develop in cooperation with foreign companies.
Officials say Iran’s mineral reserves are estimated at 50 billion metric tons, which places the country among the world’s top 10 nations.
About 4,500 mines are currently operational across the country, while 2,500 others still remain untapped. Mining and mineral industry, however, accounts for less than five percent of Iran’s GDP.
Iran held its biggest conference on mines and mining industries in Tehran on May 31 and June 1, which was attended by companies from 27 countries including Germany, Sweden, Finland, China, India, Japan and Canada.
Last month, Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) said the country will soon get $20 million as the first tranche of a $1 billion foreign investment line from Oman and Australia for a major zinc production plan in the central Yazd province.
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