Jamshid Molla-Rahman said the figure was stipulated in the memorandums of understanding (MoUs) signed by the Geological Survey of Iran and IMIDRO, IRNA reported.

He added that this amount of investment, which is unprecedented, will boost employment remarkably.

“Since IMIDRO is responsible for implementing large-scale projects, it requires favorable mining infrastructures, including transportation, equipments and capable contractors,” he said.

Molla-Rahman noted that a number of Iranian iron ore, copper and lead mines contain substantial resources.

The IMIDRO official said shortage of exploration and extraction machineries and lack of infrastructures, including railroads, roads and energy resources, are some of the challenges facing the mining sector.

Molla-Rahman noted that by using the potentials of the country’s banks, IMIDRO has signed a number of MoUs to provide contractors with their requirements and expand the mining sector’s capacities.

Iran has 5,400 active mines, which produced 420 million tons of minerals in the year ending March 20, 2014.

Studies show the country also has 57 billion tons of mineral reserves, of which 37 billion tons are proven.