Iran Daily cited Mr Mohammad Masoud Samiei Nejad caretaker of Iranian Mines and Mining Industries Development and Renovation as saying that preliminary talks have been held with a Chinese company to finance the projects. A combination of Iranian, Chinese and European machineries will be used in the projects.

Pointing to the 40% physical progress of steel processing projects, he estimated the finance resources at over IRR 30 trillion. The rest of the funds has been secured from the sale of participation bonds.

Mr Samiei Nejad explained on the implementation of Faraz project that over IRR 290 trillion have been invested in the mining sector. Faraz project involves the biggest investment plan in the aluminum, steel, coal, copper, coke and titanium sectors. The project aims to give assurance to producers in terms of supplying raw materials.

According to the Fifth Five Year Economic Development Plan (2010-2015), the legal approaches for investing and completing Faraz project will be executed.

The main steel mills of the country are located in Isfahan and Khuzestan provinces. Major raw steel producers of the Islamic Republic of Iran include the Mobarakeh Steel Mill with approximately 47% of the market share, the Khuzestan Steel Company with about 23%, the Isfahan Foundry with about 20% and the Iran National Steel Industries Group with approximately 10% of the market share.

(Sourced from Iran Daily)