Iran’s mining sector requires an additional €55 billion in investment to reach its full potential, despite the current $10 billion capital in the industry, according to a private sector operator familiar with the matter.
Mohammadreza Bahraman, Vice President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA), stated in a press conference on the mining and mineral industries on Sunday that achieving the government’s targeted 13% growth in the sector is possible, but it demands key policy adjustments and increased investment.
"The government should not interfere in the economy but focus on regulation and oversight," Bahraman said.
He highlighted that Iran, alongside the United States and Russia, is one of the few countries possessing vast reserves of oil, gas, and minerals simultaneously. However, he stressed that economic transformation is crucial for the mining sector’s expansion.
A 13% growth will only materialize if Iran’s economy undergoes structural changes, he said, adding that just as all industries were nationalized in the early years of the revolution, today, Iran must move towards genuine privatization.
Addressing the impact of sanctions, Bahraman noted that while restrictions remain a challenge, Iran has also failed to implement measures to mitigate their effects.
"China and Russia are also under sanctions, but due to their membership in the Financial Action Task Force (FATF), they have access to financial facilitation tools. We, too, need smoother financial transactions," he added.
Bahraman pointed out that, according to the Central Bank of Iran, the country’s mining sector currently holds $10 billion in investments. However, he stressed that this amount must be significantly increased to ensure sustainable growth.
"Iran ranks fourth in the world in terms of vast mineral reserves," he said, underscoring the country’s untapped opportunities in the sector.
Mohammadreza Bahraman, Vice President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (center), is seen at a press conference on the mining and mineral industries in Tehran on February 2, 2025.