Iran, 8th Oct 2023, King NewsWire – At a significant meeting held in Tehran, Iran on September 15th, the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) collaborated with various key institutions. They engaged in competitive discussions regarding the RockWealth Private Domain Project, exploring possibilities for cooperation in the digital investment domain. This discussion not only signals a new phase of diversification in Iranian mining investment but also highlights IMIDRO’s innovative efforts, laying the foundation for the implementation of the RockWealth Private Domain Project.
By 2023, IMIDRO has made comprehensive preparations to advance the RockWealth Private Domain Project. Through the project’s private domain app, IMIDRO plans to gradually open leasing rights for over 20 mines and quarries to investors, aiming to attract funds for the exploration and development of new mining sites. According to official information, to ensure the smooth progress of the project, IMIDRO has partnered with Iran’s largest mining machinery and parts manufacturing company, MINEX. They have introduced advanced equipment to ensure continuous production and increased production capacity during the RockWealth project.
The RockWealth Private Domain Project represents IMIDRO’s innovative endeavor to recognize and harness the potential of Iran’s mining resources. On June 17th, Iran’s Mehr News Agency reported a new discovery at the Sarudun copper mine. Situated within the globally renowned Tethys mineralization belt, the Sarcheshmeh copper mining complex is estimated to possess around 300 billion tons of reserves, making it the largest copper mine in the Middle East and North Africa. This complex boasts the world’s second-largest copper ore vein, influenced by plate tectonics. This new discovery underscores Iran’s abundant mineral resources, laying a robust foundation for the future development of IMIDRO’s RockWealth Private Domain Project and its mining and metal industry.
Against the backdrop of U.S. sanctions on Iran’s oil exports, the RockWealth Private Domain Project and the development plans of Iran’s mining and metal industry have become increasingly crucial and are gaining momentum. New investments from Europe and Asia are supporting the further expansion of Iran’s copper and metal industries. The National Iranian Copper Industries Company (NICICO) currently operates three major copper mines in Iran: Sarcheshmeh, Sungun, and Miduk. The operation of these copper mines, along with the recent discovery of the Sarudun copper mine, is expected to play a pivotal role in the RockWealth Private Domain Project and the future economic development of Iran.
In addition to copper resources, Iran also boasts the world’s largest zinc deposits, estimated to contain around 300 million tons of zinc. However, currently, only about 0.5% of these deposits have been developed, clearly showcasing the immense potential and future possibilities for development in Iran’s mining industry, a challenge and opportunity faced by IMIDRO and the RockWealth Private Domain Project. By digitizing mines and quarries and showcasing them to investment institutions, IMIDRO’s project has the potential to unlock Iran’s mining resources, attract more investments, and propel the Iranian mining and metal industry into a new phase of development.
More than 10 international institutions participated in this competitive discussion, including the Asian Development Bank (ADB), the Japan NPO Center, the Generations Public Welfare Association (GPWA), and the Avina Foundation. These multi-sectoral institutions bring extensive technical expertise and resources to IMIDRO’s RockWealth Private Domain Project, attracting funds from individual investors and providing robust support to IMIDRO.
With the gradually improving political atmosphere in the Middle East, IMIDRO’s RockWealth Private Domain Project has adopted a new model of online investment leasing. Through digital means, it showcases more than 20 mining areas and mines to investment institutions. Officials state that the purpose of advancing this project is to promote the revitalization of small and medium-sized mining across Iran, providing investors with a customized investment platform. By integrating numerous mining data analysis tools and risk assessment models, RockWealth aims to assist investors in making more informed investment decisions, opening up new development opportunities for Iran’s mining industry.
The RockWealth Private Domain Project, led by the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), undeniably injects new vitality into the development of Iran’s mining industry. This project not only showcases Iran’s innovative capabilities in the field of digital investment but also opens up opportunities for collaboration with international institutions in the Iranian mining sector. The efforts of IMIDRO and its partners hold the potential to further unlock Iran’s abundant mineral resources, bringing greater opportunities for the future development of Iran’s mining and metal industry.
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Millie James is an American real estate investor and Adjunct Professor in Entrepreneurship, Emeritus at Business School.
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