Iran offers mining riches post-sanctions, but investors cautious

LONDON (Reuters) – Iran’s rich deposits of zinc, copper, gold and other minerals are tempting international investors after the lifting of Western sanctions, but development of the sector will take time and problems will have to be overcome.

A slump in metals prices and uncertainty about working with the Tehran government, which controls virtually all the country’s mines, means that many foreign mining firms are not scrambling to sign deals.

Nevertheless, some agreements have already been struck and other foreign firms have been looking at Iran’s mining and metals sector in the weeks following the scrapping of sanctions as part of a nuclear deal, which went into force last month.

Iran, which boasts one of the world’s largest undeveloped zinc projects and myriad other mines, has been trying to lure investors since it became clear that sanctions would be lifted under last year’s deal signed by Tehran and six world powers.

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Riches /ˈrɪtʃɪz/  

large amounts of money, property, or valuable and beautiful possessions

“The promise of future riches draws many young people into professional sports.”


Cautious      uk   us   /ˈkɔːʃəs/   Adj

very careful about what you do or say and unwilling to take ​risks because you want to ​avoid possible problems:

“Businesses have become cautious about ​spending on ​technology.”


Deposit   /dɪˈpɒzɪt/

an accumulation of sediments, mineral ores, coal, etc


zinc   /zɪŋk/

فلز روی


Mineral   /ˈmɪn(ə)rəl/

a natural substance in the earth, for example coal, salt, gold, or diamonds


overcome    /ˌəʊvə(r)ˈkʌm/

to succeed in dealing with or controlling a problem

“Jimmy overcame his difficulties to graduate with a first-class degree.”

“What can I do to overcome my fear of rejection?”


Slump    /slʌmp/   N

a sudden severe or prolonged fall in the price, value, or amount of something.

“a slump in profits”

synonyms:       steep fall, plunge, drop


virtually    /ˈvɜː(r)tʃʊəli/

used for emphasizing that a statement is almost completely true

Virtually all the students live in university halls of residence.

Vaccines have virtually eliminated many childhood diseases.


Scramble   /ˈskræmb(ə)l/   V

to hurry or try very hard to get something, often competing with other people

scramble for:

“Companies are scrambling to recruit skilled workers.”

scramble to do something:

“Tensions are rising as diplomats scramble to prevent a war.”


Nevertheless   /ˌnevə(r)ðəˈles/   Adv

despite a fact or idea that you have just mentioned: used as a way of showing how a sentence, phrase, or word is related to what has already been said

“It’s a difficult race. Nevertheless, about 1,000 runners participate every year.”

“Alexander II was an obscure but nevertheless interesting Scottish king.”



the past tense and past participle of strike

reach, achieve, or agree to (something involving agreement, balance, or compromise).

“the team has struck a deal with a sports marketing agency”

synonyms:         achieve, reach


scrap   /skræp/  

to not ​continue with a ​system or ​plan; Throw away

“They’re ​considering scrapping the ​tax and ​raising the ​money in other ​ways. “

“We scrapped ​our ​plans for a ​trip to France.”


come into force

To become valid or active (of a law, regulation etc.).

Synonyms: come into effect


Boast     uk   /bəʊst/  us   /boʊst/

to have or own something to be ​proud of:

“Ireland boasts ​beautifulbeaches, ​greatrestaurants, and ​friendlylocals.”


Undeveloped    /ˌʌndɪˈveləpt/

not having been developed

“undeveloped coal reserves”


Myriad     us   /ˈmɪr·i·əd/

a very ​large ​number:

“There’s a myriad of ​insects on the ​island.”

“a myriad of ​choices

“ And now myriads of ​bars and ​hotels are ​opening up along the ​coast.”


Lure  uk   /ljʊər/  us   /lʊr/

to persuade someone to do something or go somewhere by ​offering them something they would like to have:

“She was lured into the ​job by the ​offer of a high ​salary.”

“”the child was lured into a car but managed to escape”