iron ore mines financed by imidro

If finding anyone to finance a mine in Iran on the sort of profit sharing terms the Iranians are willing to offer is the main thing holding back the development of Mehdiabad, then this story may be of relevance to us.

Points I found interesting were:
1. The mines are in the same province as Mehdiabad (Yazd)
2. Imidro is providing the finance (the terms the Iranians are willing to offer are usually so terrible who else would finance such mines except an Iranian Govt. organisation?)
3. As of Sunday, May 10, 2009

40,000 Iranian Rials = 4.16120 US Dollars
So 40,000 billion rials must be about $4b? Imidro perhaps can get hold of the sort of money Mehdiabad needs?




http://www.imidro.org/News/unew.aspx?id=3048&PID=0

With a bit of luck (notwithstanding low zinc prices) we might just get an announcement one day (the announcement might still be years off for all I know) that an agreement has been reached and that Mehdiabad is to be financed by IMIDRO. And unlike some mines that Andrew Drummond might think are "world class", Mehdiabad really is world class because it can be profitable at the bottom of the economic cycle. Furthermore, capital raising may not have to wait until to the top of the cycle if IMIDRO is going to finance it? Just a few thoughts.