Chadormalu Mining and Industrial Company (CMIC) in Iran will attract $250 million for its development projects, said a company official.
A pelletizing unit with the annual capacity of four million tonnes will be constructed in the complex, Mahmoud Mesrinejad, managing director of CMIC, was quoted as saying in an Iran Daily News report.
Mesrinejad added that the company needs investment to the tune of $180 million for constructing the unit, said the official adding that the process of attracting foreign investment has already begun.
He stated that the project will be implemented in four years once his company attracts the required finance.
Mesrinejad pointed to the construction of two rolling units with a total annual capacity of 1.1 million tonnes and said that $70 million has been envisaged for the project.
The official further noted that in order to provide the required liquidity of development projects, the company will use its assets as well as foreign investment.
Mesrinejad put the progress of its direct reduce sponge iron plant project at 83 per cent and predicted that the national project will be launched in the coming months.
CMIC is the main iron ore concentrate producer for iron making by direct reduction in Iran, added the report.