Announcing this, deputy head of Social Security Investments Company (SHASTA) for planning and development affairs said that a number of domestic and foreign investors have expressed their readiness to undertake the project, Fars news agency reported.

Mohammadreza Pour-Ebrahimi pointed out that following preliminary agreements between Kerman Governor General Office and Ministry of Industries and Mines, SHASTA formed a special consortium to implement the project with the assistance of local and foreign investors.

He said that SHASTA, UAE’s ETA, UK’s Mittal, Retirement Fund of National Iranian Copper Company and Kerman Development Company have been mentioned as possible participants in the project.

The official elaborated that the project, which is located in the Golgohar region of Sirjan, Kerman province, will cost of four billion euros and take five years.

Pour-Ebrahimi put the iron ore deposits in Golgohar Region at 1.2 billion tons and regretted that its potentials have been untapped and not been used for national economic development.

The official cited the sale of 73 million tons of concentrated iron ore as the only major activity in the area during 1991-2006.

He elaborated that major operations such as launching steel units and downstream industries have not yet materialized.

This means that investment, production and employment opportunities in the province and country have been missed in the past 17 years, he complained.

He pointed out that simultaneous investment in mining, production of ingot and establishment of downstream industries have been proposed by the consortium.

He hoped that with the final approval of the ministry, the project would be implemented. Thus, he added, over 10 million tons will be added to the national steel output making Kerman province the country’s steel hub.