Execution of 35 Mining and Mine Industries Projects by MIDHCO

October. 15 2016

Based on a reportage prepared by Mine 24, Ali Asghar POURMAND, Managing Director of MIDHCO, in a briefing in Applied Sciences and Resistive Economy Seminar at Khatam University said: “MIDHCO presently executes 23 mining and mine industries projects throughout the county which will grow to 35 up to the year 1397 (by March 20th, 2019). The volume of investments made by MIDHCO is 150,000 bn Rial which will actually become 200,000 by taking into account the financing expenses.”

He stated: The execution of projects by MIDHCO will result in decrease on cash funds in the country because they will invested in the projects.”

Pointing out the parameters of resistive economy, Mr. Pourmand said: “Resistance against threats, production of strategic goods like steel and copper, decrease of degree of dependency to oil, reforms in consumption style, elimination of corruption, and knowledge-oriented movement are among the key parameters of resistive economy which all are seriously followed by MIDHCO.”

 “The result of resistive economy is creation of wealth and the time, place and knowledge are the three factors effective in the wealth creation. Our ultimate target in MIDHCO is creation of wealth by use of the natural resources for the purpose of satisfaction of the state needs and demands.” Managing Director of MIDHCO added.

While insisting on the importance of the use of the most advanced technologies in mining and mine industries sector, Mr. Pourmand stated: “MIDHCO successfully used the biotechnology for production of copper in the country for the first time, which is globally known as the most advanced technology and this will be developed by the next generations.”

Pourmand criticized the sale of raw minerals and added: “why we have to export iron ore and import steel products produced by Chinese producers? Our strategy in MIDHCO is creation of value added; we promote the purity degree of copper concentrate from 37% to 99.9%. We never forget the fact that State Steel Company and State Geology Organization were against exploration and development of Jalalabad Iron Ore mine 8 years ago, because Cheghart iron ore mine was available with 60% Fe content and minimum mine tailings. But presently, the degree of Fe content of Jalalabad iron ore mine has been reached to 68% from 40% in the light of use of MIDHCO’s investments.

He also strongly criticized the sale of copper cathode and said: “We will put into operation MIDHCO’s copper cathode complex with the most advanced technologies. In addition to copper production, the complex will also produce some valuable metals like gold, lead, zinc, and nickel and will be the pioneer in utilization of the most advanced copper production technology in the world. In addition we will create value added by production of copper pipes from cathode.”

He also clarified that we use the nitrogen gas cooling system for cooling down the coke for the first time in MIDHCO hence other ones use water for it.

Pourmand then added: “Based on the result of investigations, the price of minerals will experience an increase between 2005 and 2035 and the cost of metals will increase from 2017. The demand for the metals by 2050 will become 4 to 10 fold.”

“Due to decline the reserves of shadow mines, the mines are going to become deeper and this will result in increase in exploration expenses; but this is an opportunity for Iran because no exploration has been done in the deeper layers.” he added.

He then addressed the reasons for successes gained by MIDHCO in mining and mine industries sector and added: “MIDHCO is a composition of technical, economic and banking staff and this led it to take drastic steps towards wealth creation. Therefore, a financial institution should always support any activity in this sector.”

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