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Reporting Codes and the Iranian Mining Industry Mark Mounde

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Reporting Codes and the Iranian Mining Industry Mark Mounde Reporting Codes and the Iranian Mining Industry Mark Mounde Technical Director – Wardell Armstrong International Ltd. Wardell Armstrong International - Services An integrated minerals consultancy company specialising in: • Exploration Management • Resource Modelling • Mine Planning & Design • Reserve Optimisation • Process Testwork • Metallurgical Audits • Project Valuation & Financial Analysis • Environmental Audit & Management • Corporate Social Responsibility • Mine Closure Wardell Armstrong International Client deliverables: • Scoping Studies • Technical Due Diligence • Competent Person’s Report/NI 43-101 • Financial Valuations • Pre-Feasibility & Feasibility Studies • Expert Witness • Environmental Studies • Metallurgical Testwork • Flowsheet Design • Assaying • Troubleshooting Commodities • Gold • Silver • Copper • Nickel • Molybdenum • Phosphate • Iron Ore • Fluorspar • Lead/Zinc • Coal • Uranium • Rare Earth’s In addition, WAI is involved in a large variety of industrial minerals globally A Selection of Stock Exchange Listings • First Quantum Minerals - AIM • Oxus Mining - AIM • Petropavlovsk – London • KazakhGold – London • European Nickel - AIM • London Mining - AIM • Glencore – London/Hong Kong Marketplace • Central Asia • Africa • Central and Eastern Europe • Russia and the CIS • North America • Central America • South America • Western Europe • And now Iran. Reporting Codes and the Iranian Mining Industry Mark Mounde Technical Director – Wardell Armstrong International Ltd. Iran’s Mineral Wealth Source – Wikipedia The Positives • The country is one of the most important mineral producers in the world • 37 billion tonnes of proven reserves and more than 57 billion tonnes of potential reserves worth $770 billion in 2014. • Mines include coal, precious and metallic minerals, ferrous and industrial minerals. • Large deposits which mostly remain underdeveloped are zinc (world's largest), copper (world's ninth largest reserves in 2011), iron (world's 12th largest in 2013), uranium (world's tenth largest) and lead (world's eleventh largest). • Iran holds more than 7% of the world's total mineral reserves. The Challenges • Mining in Iran requires further development and investment • Understanding the requirements of foreign investors Mining Production Capacity • Copper – Sarcheshmeh Copper – 14 mtpa – Sungun Copper Mine – 5 mtpa • Iron Ore – Gol-e-Ghohar Iron Ore Mine (16mtpa over four mines) • Base Metal – Mehdiabad lead and zinc - 6 mtpa (tbc) • Coal – Tabas Coal Mine – 1mtpa Mining Act 1998 All mining activities are conducted under the Mining Act 1998 (latest amendment was in 2013) Minerals are classified under four classes: 1. Class 1 and 2 fall under Ministry of Industries, Mine and Trade (MIMT) 1. Class 1 – industrial minerals 2. Class 2 – metals, bauxite, gemstones, and coal 2. Class 3 and 4 fall under Ministry of Oil and Atomic Energy Organisation of Iran Class 1 and 2 have 6 sub groups 1. Sand, Gravel and Clay 2. Construction Stone 3. Class 1 minerals not included in Groups 1 and 2 4. Decorative Stone 5. Non metallic minerals (except coal) 6. Metallic and coal minerals Ministry of Industries, Mine and Trade (MIMT) All of the mining activities and mining industries in Iran are regulated by the Ministry of Industries, Mine and Trade of Iran (MIMT). This ministry is responsible for preparing policies, plants and technical- executive criteria for the mining industries sector (www.mimt.gov.ir). The following divisions of this ministry are associated with/responsible for mining activities and industries: 1. Department of Mines and Mining Industries 2. Department of Planning 3. Department of Industries and Economy Other Organisations within MIMT • Provincial Industries Mine and Trade Organisations • Geological Survey or Iran • Iranian Mines and Mining Industries Development and Renovation Organisation (IMIDRO) • Iranian Mining Engineering Organisation • Trade Promotion Organization of Iran • Ministry of Economic Affairs and Finance • Organisation of Investment Economic and Technical Assistance of Iran • Islamic Development Bank Comparison of “International” Studies and Iranian Studies Iranian Standard of Resource and Reserve classification Comparison of “International” Studies and Iranian Studies United Nations Framework Classification for Fossil Energy and Mineral Reserves and Resources 2009 Comparison of “International” Studies and Iranian Studies “Conversion” between UNFCR to CRIRSCO Case Study : Iranian Mining Company Table sourced from the internet Comparison of “International” Studies and Iranian Studies Timeline of Iranian Study “International” Study Studies General Ekteshafat Moghadamati ﺍکﺕﺵﺍﻑﺍﺕ ﻡﻕﺩﻡﺍﺕی 1 exploration Motalate Pish ﻡﻁﺍﻝﻉﺍﺕ پیﺵ ﺍﻡکﺍﻥ Pre-Feasibility 2 Scoping Study Emkansanji ﺱﻥﺝی Study Detailed Ekteshafat Tafsili ﺍکﺕﺵﺍﻑﺍﺕﺕﻑﺹیﻝی 3 Exploration Motalate Emkansanji Pre-Feasibility Study ﻡﻁﺍﻝﻉﺍﺕ ﺍﻡکﺍﻥﺱﻥﺝی Feasibility study 4 Process of getting to a Mining Operation 1. Registering the Exploration Area 2. Issuing an Exploration Licence 3. A Discovery Licence 4. Mine Operation Licence Exploration - Registering the exploration area a) Natural Persons • Aged at least 18 years • Being excluded from Article (33) of the Mining Act • Having the minimum technical and financial capacities (according to the codes and at the discretion of the provincial Organization of Industries Mine and Trade) • Having the right to engage in mining activities at the time of exploration license issuance Exploration Licence Exploration Licence a) Applicants submit their request to the Administration of Provincial Industries Mines and Trade Organisations (IMTO) b) The IMTO handles the request with seven working days and registers the area in the name of the applicant. c) The applicant submits their exploration plan within one month Preparation of an exploration plan by the legitimate members of the Mining Engineering Organization Exploration Licence The maximum area of the region licensed for exploration of minerals of the six groups is determined as follows: • Group 1: 0.5 km2 • Group 2: 1 km2 • Group 3: 4 km2 • Group 4: 3 km2 • Group 5: 20 km2 • Group 6: 250 km2 The exploration license can only be transferred once as long as it is valid. Exploration Licence The exploration licences are valid for the periods indicated below: • Groups 1 and 2 – six months • Group 3, 4 and 5 – 12 months • Group 6 – in accordance with the exploration plan Discovery Licence Discovery Licence • The owner of the exploration license shall present the following information in their operation final master report: information on the type, quantity, quality of different minerals (including main and secondary minerals). • The report shall be prepared and submitted to the IMTO by persons authorized by the Mining Engineering Organization. • The IMTO issues the requested discovery certificate after receiving the operation final master report • If the owner of the discovery certificate intends transfer the certificate to another party this shall be done at most before one year of issuance of the certificate. Operation Licence Operation Licence • Apply for an operation license from IMTO • submit operation plan which includes • General Information • Deposit Information • Machinery requirements • Labour • Financial analysis • plans prepared using persons authorized by the Mining Engineering Organization The minimum duration is two times the duration of the return on investments and the maximum is 25 years. Financing Projects in Iran In terms of international finance: • Anyone lending to Iran may want Export Credit Agency (ECA) cover and • all ECA’s operate under the rules of the OECD. OECD have two criteria of Financial and Environmental. • Company has to demonstrate a certain amount of liquidity and that the project has a reasonable payback period. • The Environmental aspects will have to comply with all OECD rules on EIA etc. • However, the financial criteria may be waived in the event that there is a Sovereign Guarantee as the project may be “Strategic” and there is less onus on the project being financially viable. Foreign Investment Promotion and Protection Act (FIPPA) Article 8. - Foreign Investments shall equally enjoy all rights, protections, and facilities available to local investments. Article 9. - Foreign Investments shall not be subjected to expropriation or nationalization Article 14. - The profit derived from Foreign Investment shall be transferable abroad. Article 15. - Payments related to the instalments of the principal of the financial facilities of Foreign Investors and their associated expenses are transferable abroad. Article 18. - Transfer abroad of the portion of the Foreign Capital imported into the Country is exempted from all foreign exchange as well as export and import laws and regulations. Conclusions • Positives • Very little exploration drilling done in the last 30 years, • Highly educated workforce looking for international assistance, and • Banking sanctions should be lifted shortly • Disadvantages • Internal funding is very limited, • Expectations from foreign invetors are high, and • Companies are looking for EPC and F (ﻡﺕﺵکﺭﻡ ) Thank you Mark Mounde [email protected] .
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