“The applicants are dealing with the process much faster now, because of the recent changes in the services provided by the Mining Investment Insurance Corporation.” Said the CEO of the Mining Investment Insurance Corporation.
According to the Mining Investment Insurance Corporation’s public
relations, Farid Dehghani, in the first convention held in Sistan and Baluchestan Province regarding
how to attract investors, mentioned how much more the Mining Investment Insurance Corporation is facilitating mining
activities through its services. With an online system for application, much of
the applicants’ time is saved.
“We would only rely on the mining license,” Mr. Dehghani said, we
woud like the applicants to complete their documents and visit iranmico.com.
They can all use our online services if they have their mining license.”
“There are two kinds of services provided by the Mining Investment
Insurance Corporation,” the CEO said, regarding the services provided for the
exploration/discovery processes, “an insurance policy for exploration
investment which covers the exploration risk, which means the applicant gets
80% of their capital back if no ore was found, and the other is related to when
the investor doesn’t have enough financial sources. In this case the Mining
Investment Insurance Corporation will provide the facilities through the funds
appointed by the Ministry of Industry, Mine and Trade.”
There would also be warranties and facilities for mining
contractors too, as Mr. Dehghani said, but the facilities would be tools, and
not money.
“Considering entrepreneurship,” Mr. Dehghani added, “mine and
mining industry is among the top most job creating sections, with the result of
sustainable employment,
hopefully.”
Mr. Dehghani also pointed out the mining
section being one of the biggest providers for the raw material, “in a way that
the huge supply of minerals, along with other sources full of energy, is
potentially a big part of the country’s industrial development, and can help
solve many of the problems regarding the industrial growth. Today, the role of
minerals in societies’ development in different parts of the economy is clear
to everyone, and it is the same as industrial growth and development. The
mineral supplies of every country are important because of 1. the proper use of
these minerals which increases the Gross Domestic Product, and so increases the
Per Capita Income, and 2. the minerals can provide for many national industries
which will directly influence the industrial development of the country.
“The miners have to register through ‘KARA’
system,” the CEO continued about how applicants can receive the facilities,
“and then send the documents to the Organization of Industry, Mine and Trade of
the very province. The documents will later be sent to the Mining
Investment Insurance Corporation. At the end there will be issued warranties as
bails for the facilities for the accepted projects. The corporation is ready to
grant warranties for any requests of facili ties, and there is no limitation
regarding that. The Iranian or foreigners which have been approved by the
Organizations of Industry, Mine and Trade of the provinces, and therefore
introduced to the corporation, can use the facilities and the warranty. The
highest amount of the facilities id 15 billion Tomans, which only belongs to
small and average size mines. The loans are estimated to be repaid during 3 to
5 years.
“96% of the corporation’s capital belongs to the Iranian Mines & Mining Industries Development & Renovation
Organization (IMIDRO),” Mr. Dehghani added, “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 capital of the corporation, however, is not relevant to the country’s
mining section and has to be increased.”