» Documents Needed for Insurance Coverage » The Inquiry From For Transferring Discovery AreaThe Inquiry From For Transferring Discovery Area

The Corporation’s Perspective

According to the s. 31 of the Mines’ act, and the corporation’s article of association, The Mining Investment Insurance Corporation provides these services in order to decrease the risk of getting the mining license and exploration/discovery investments.

A: Providing insurance coverages to secure the investments (investment insurance policies) including:

- Insurance coverages for the dangers which may result in permanent or temporary suspensions of operations like exploration/discovery, extraction, ore dressing and mineral processing.

- Insurance coverages for dangers which might compromise the estimated results in the approved exploration/discovery operations and mine construction.

- Insurance coverages for dangers which may render the extraction, ore dressing or mineral processing operations uneconomic.

B: Granting facilities in order to provide for the financial needs of the investors through credit insurance policies. The Corporation, covering all or some parts of the unwanted damages to mining activities in all the stages of discovery, extraction and processing, and guaranteeing some or all the granted loans to the mining investors through credit insurance policies according to its rules and regulations, is covering all the damages and dangers to these activities which overall decreases the risk of investment.

C: Providing consolers and suggestions to the miners in order for them to come up with the best decisions in mining activities.

The Corporation’s Goals:

The Mining Investment Insurance Corporation works in line with the country’s macroeconomic goals, and tries to empower and support the private investors in mining. The corporation was established in 2001 according to the s. 31 of Mine’s Act passed in 1998 in order to reach sustainable development in mining section, and guarantee and secure investments in mining activities, along guiding and leading these investments.

Some of the goals are summarized as thus:

- Reducing the risk in investment through issuing the investment and credit insurance policies.

- Attaining sustainable development in mining and mineral processing.

- Creating jobs in mines.

- Creating the appropriate environment for exporting the minerals.

- Providing proper incomes for the country’s miners.

- Helping the development of mining industries and jobs related to them.

- Increasing the mining sector’s share in social and economic development of the country.