Resistance economy has helped develop mines and mineral industries, observed Ali Asghar Pourmand, the CEO of Middle East Mines Industries Development Holding Company (MIDHCO).
In a fax sent to Iran Daily, the official added that proper processing of natural resources paves the ground for creating more job opportunities.
Pourmand said his company has invested €90 million on establishing direct reduced iron plant.
Middle East Mines Industries Development Holding Company (MIDHCO) as a public joint-stock company, was set up in 2007 with the support of Pasargad Financial Group (Bank Pasargad) and more than 6,000 shareholders.
The company was accepted to the over-the counter (OTC) market in 2011. Currently, it has over 11,000 shareholders and its asset has risen to $733 million from $100 million in 2007.
MIDHCO, relying on expert and senior managers with experiences in mining and industry, through strategy planning, programming and designing several major projects in mining and mineral industries, has the objective of attaining an annual production level of 4.2 million tons per year in steel making industries and 50,000 tons of copper cathodes.
In the first phase, two iron ore concentrate plants with the capacity of four million tons have been exploited in cities of Sirjan and Zarand of Kerman Province.
The company has launched a direct reduction steel making project with an annual one-million-ton capacity, coke making plant with an annual capacity of 800,000 tons, coal preparation plant of 1.1 million tons per year capacity and ferro siliceous plant with a capacity of 12,000 tons.
© Iran Daily 2016
