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Mehdi Karbasian

TEHRAN. — Iran’s mining sector is probably a new darling of foreign investors, with companies from China to Europe lining up to try their hand in one of the least developed industries in the resource-rich country.

Iranian and Italian companies hoped to finalise investment plans worth 5 billion euros when President Hassan Rouhani arrived in Rome yesterday on the first leg of a landmark visit to Europe.

“Several memorandums worth 5 billion euros have been prepared with Italy for investment in Iran’s mining industries,” Deputy Industry, Mine and Trade Minister Mehdi Karbasian said yesterday.

The MoUs envisage joint investments in the steel production chain in southern Iran in an area stretching from Chabahar on the Gulf of Oman to Bandar Abbas and Jask in the Persian Gulf, he said.

Italy’s Persiana Metalica would have a majority 60 percent stake compared to 40 percent for Iran’s IMIDRO in the ventures, Karbasian added.

The Italians are also about to partner Iranian and Chinese companies on carrying out the second phase of Salco, the largest aluminium smelter plant in Iran. — Press TV.