MACMID seeks up to $4bn for Copper, Steel Projects

A private Iranian company is seeking joint venture partners to help develop copper, steel and other projects in the country, according to report from Reuters.

Managing director Ebrahim Sadeghi of Mahan Company for Mines and Industries Development (MACMID) said on Tuesday:

“We are looking to bring in international partners to jointly develop local deposits … Iran has some of the richest deposits in the Middle East. Gold, copper zinc.”

He said he hopes to raise $4 billion from foreign investors, having secured $1 billion from local investors.

MACMID has two copper mines already under development — the Chah Firuzeh mine and the Daralou mine — both of which are being developed with a conglomerate that includes state-owned National Iranian Copper Industries Company (NICICO).

The company, set up in 2013, is backed by Iran’s Tourism Financial Group.

(Source: Reuters)

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