“Up until now the Mining Investment Insurance Corporation has issued 850 billion Tomans worth of insurance policy (3 times more than the registered capital) is Mine and Mining Industry.” Said IMIDRO’s chairman.
According to the Mining Investment Insurance Corporation’s public relations, Khodadad Gharibpur said, in a meeting with the large mining companies regarding the increase in the capital and leading it towards development projects, “Up until now the Mining Investment Insurance Corporation has issued 850 billion Tomans worth of insurance policy (3 times more than the registered capital) is Mine and Mining Industry.”
“This bank is going to grant facilities for the financial providence of the small mines,” the chairman added pointing to the agreement signed between with the Industry and Mine Bank. Emphasizing on the importance of forming a fund to support the investments in the Mine and Mining Industry, he continued: “we have to analyze the proper model which is now being used around the world and try to bring it and use it in our country.”
Launching Management Control System with the Presence of 10 Large Companies of Mine and Mining Industry
Mr. Gharipupur pointed to the ‘creating a balance in the chain’ and ‘preventing any contrasts among interests’ and informed about launching the management control system by the organization with the presence of 10 large mining companies.
“IMIDRO will launch the management control committee in 10 large mining companies this week.” Added the chairman, “These companies are Mobarakeh Steel, Hormozgan Steel, Mines and Metals Development Investment Company, Gol Gohar, Chadormalu, National Iranian Copper Industry Co., Goharzamin, Khouzestan Steel, Khorasan Steel and Iranian Aluminum Company. The management control system committee consists of professional groups of three main categories, ‘corporate governance’, ‘strategy’ and ‘investment and monitoring risks.’ These committees and groups will move the companies towards the country’s policies and development purposes such the growth in the projects’ investments, increasing the strategic materials supplies in order to continue the production, more added value, clearance, etc.”
The Importance of Leading the Retained Earnings towards New Projects
“The capitals must go towards executing national and development projects,” said Mr. Gharibpur, pointing out that there has been 16000 billion Tomans of retained earnings in 10 large Mine and Mining Industry Companies in 2018, “IMIDRO’s strategy is to develop the large corporations and saving the companies’ interests for investments.”
Pointing out the execution of the country’s steel comprehensive plan, the chairman continued: “if the project is executed exactly as it was supposed to be, and the chain would have a balanced development, there would be no contrasts among the interests in the industry.”
80000 Stock Units are Estimated
“The stock market index has become 3 times more since 2017 (from 90000 units to 270000 units), and according to the process it will increase up to 70000 to 80000 more units.” Said the chairman, “there doesn’t seem to happen anything special in the country and in the world in the second half of this year, so we have to analyze how much of the corporations’ estimated interests will actually happen.”