The Ministry of Industry, Mines and Trade of Iran regulates the mining industry and all exploration and mining activities. It is responsible for preparing policies for the sector and approving plans and technical-executive criteria for mines.
Currently, 90% of the country’s prospects and mines are State-owned, predominantly through Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO). Since 2015, the Government has embarked on a process to further develop the sector through the private sector and foreign investment. The Iranian Mining Law was amended to establish the framework for participation by private and foreign companies. The main outcomes are:
- Guarantee that Proven Ore Reserves are as acceptable security
- Increased term of exploitation from 6 years to 35 years by offering priority to owners of exploitation licenses who possess official and negotiable instruments or title deeds
- Encouraged and supported the extraction and processing of minerals for export and generation of value added
- Established a capital investment fund for mining activities in order to compensate all or part of financial losses incurred by explorers and extractors of minerals