One of the impacts of international sanctions has been on the Iranian regime’s projects aimed at exploiting Iran’s mines, despite the fact mullahs’ reject any such effect.
The world’s largest lead and zinc mines are located in Mehdiabad near the city of Yazd, central Iran. However, these mines have remained untouched and the reserves are estimated at around 400 million tons. Not finding partners to finance on this project, the Iranian regime has been unable to exploit these mines. Recently, a company associated to the Russian government technology institute has closed a contract with the Iranian regime, jointly establishing a firm to exploit these mines. The memorandum on this project was signed by the mullahs’ foreign minister Ali Akbar Salehi and Russia’s Minister of Energy. The budget considered for this project is estimated at a total of $1.2 billion, most of it to be provided by the mullahs’ regime. Despite this agreement, due to the fact that the mullahs’ Bank Saderat (export) is under international sanctions, once again joint financing and investing has faced serious problems and Russia might not be able to take part in this project. Five years ago, an Australian firm by the name of Union Receivers, along with an Austrian company, were to begin extraction work at the mine. However, they stepped aside from this high-profit plan due to “sanctions and political dangers”.