Application registration system for mining insurance was set up/the mining activity wages were reviewed

“All the miners of the country can now get their profile number only by scanning the documents demanded by the corporation, without coming all the way down here, and the process of getting their insurance policy will start.” Added the CEO, “now the average time it takes from the moment the applicant registers until the issuance of the insurance policy has decreased 40 days, in case the documents are complete, and the applicants can now track down the process.”

“During the last year, 409 billion Tomans worth of insurance policies have been issued by the corporation, which is about 37% more than what it was during the last 17 years,” said Mr. Farid Dehghani, the CEO of Mining Investment Insurance Corporation, pointing out the public appreciation of mining activities, “there has been issued 675 insurance policies worth of 592 billion Tomans and 1025 insurance policies worth of 81 billion Tomans only for exploration. These statistics are good signs for moving forward and creating a new conversation and interaction with private investors, and can also create a new environment in the country’s mining section. More than 8 billion worth of the corporation’s demands were collected only through negotiation, and without any legal proceedings, which comparing to last year, has had a 43% increase.

 

“Until 2014, the corporation’s capital was only 10 billion Tomans, which has now increased to 143 billion. The next step has to be 500 to 1000 billion Tomans,” said Mr. Farid Dehghani, mentioning the fact that the capital is not relevant to the country’s mining section, “according to the statistics and the payments of installments by the customers to the banks, the default risk has decreased to less than 0.5%, which shows the loans are spent IN this section, and not somewhere else. This means the mining activity has been profitable.”

 

“To decrease the interests, the capital has to be increased, and good measures have been taken for that,” said Mr. Farid Dehghani to IRNA, about the 18% interest of he bank facilities given to miners active in extraction and processing, “99.96% of the corporation’s capital belongs to the Iranian Mines & Mining Industries Development & Renovation Organization (IMIDRO) and the rest belongs to the firms and companies covered by this organization which is counted as a governance and supported organization. This corporation has been keen on the mines which use High-Techs or the mines located near the borders, and gives a 6 to 8% subsidy for the facility interests, so the interest rate for these mines would be 10 to 12%.

 

“The Mine’s Road Map is a 4 year program and sheds a light for us all, and the Mining Investment Insurance Corporation has been a tool to develop this road map.” Said Mohammad Reza Bahraman, the Mining Investment Insurance Corporation’s chairman in the conference, “it has been estimated that the corporation’s capital will raise to 300 billion Tomans this year, and if it reaches 1000 billion, there would be no worries for the files waiting in the line. Mr. Bahraman mentioned the agreement signed by the Iran’s Mine House and the Iranian Mines & Mining Industries Development & Renovation Organization (IMIDRO) with the Mining Investment Insurance Corporation, and according to the agreement, the abandoned mines will be financially provided until the credit insurance policies are issued.