Australian-based Mineral Commodities Ltd (ASX:MRC) through its wholly owned Iranian subsidiary Madan Rahjo Kanyab Company has announced that it has entered into agreements to acquire existing operations and to joint venture with in-country partners to explore and develop copper, gold, cobalt, nickel, zinc and potash-lithium projects in Iran.
The Company has been actively establishing its presence in Iran for the past 12 months. In July 2017, the Company opened a fully operational office in Tehran staffed with geological and administrative personnel. All formal documentation and registration of the Company’s corporate investment structure has been completed including the incorporation of Iranian holding companies. In addition, the Company has applied for a Foreign Investment Licence.
The Company has appointed Mr Bahman Rashidi as the in-country Iranian General Manager. Mr Rashidi is a highly qualified geologist with a Master’s degree in Economic Geology. He has extensive in-country experience in base and precious metals exploration in Iran. He has worked for Normandy Mining who actively explored Iran (1998-2001) as well as other major Iranian Government organisations. His experience has offered a significant first-mover advantage for the Company’s business development strategy in Iran.
The Company has reviewed in excess of thirty Greenfields and Brownfields and operating mining projects to date and has concluded transactions on Tuzlar and Asbkhan. The Company is confident that several more transactions will be finalised from its initial reconnaissance to date. The Company has a fully funded exploration budget out of its current operational cashflow of US$2.4m for 2018.
Mineral Commodities Executive Chairman, Mr Mark Caruso, said:
“Despite global rhetoric and uncertainty surrounding the lifting of sanctions in Iran, the Company has established a first-mover advantage to enter into a world class geological and mining jurisdiction. The prolific geological endowment and the willingness of the Iranian Government to support and reinvigorate investment in the mining sector sets it aside as a preferred country for mining investment.
“The Company’s early-mover initiative combined with its historical expertise in exploring, developing and operating mines will undoubtedly lead to successful exploration and development of mining opportunities in Iran.”
(Source: Mineral Commodities)