(MENAFN) Iran will need an investment of over USD4.2 billion throughout the next five years to make a huge titanium mine in the southeast of the country fully operational, based on reports.
The mine is called Fanuj, and it's estimated to hold 3.6 billion tons of titanium reserves, and it's expected to yield 30 million tons of titanium ore per annum over a period of 400-500 years.
Moreover, Iran plans mining spending to exceed USD29 billion, including USD15 billion in foreign direct investments. The projects range from steel to aluminum, copper and mining gold.
Titanium is the strategic metal of the century, named after the powerful Titan gods in Greek mythology, and in view of its strength and lightweight, the metal is highly prized in aircraft building.
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