Iran has put “almost all” mining agreements with foreign investors on hold as European companies fear additional economic sanctions against the Gulf country, according to Iran’s Industry Ministry.
Now less than $ 100 million is working to promote projects out of $ 50 billion of potential investments. The government is seeking to attract foreign mining companies, noting that "companies fear they could be blacklisted as a result of the return of sanctions, so the deals have been suspended and almost all agreements are on hold."
US President Donald Trump imposed new barriers to Iran's economy after the country conducted a missile test earlier in the year and US Senators introduced a bill to further tighten restrictions. Iran has over 5,000 active mines, mostly privately owned. Ore and coal mining provides 13 percent of GDP, versus 16 percent of crude oil and natural gas, the report said.
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