Sat, May 13, 2006 Iran DalyYazd ProjectIn December 2005, the...

Sat, May 13, 2006 Iran Daly

Yazd Project
In December 2005, the Ministry of Industries and Mines granted the European firm, Union Resources Limited, an exploitation permit for the Mehdiabad zinc project in Yazd Province, central Iran.
The permit was granted to IMPASCO, the Union’s Iranian partner in the project.
Under the agreement, IMPASCO is obliged to transfer the permit to Mehdiabad Zinc Company (MZC) upon delivery of the feasibility study report, which is scheduled for 2006.
The conditions of the permit state that it is transferable after obtaining a clearance that the transferor (in this case IMPASCO) has met its statutory obligations to the Ministry.
The permit has been granted for 25 years, with a maximum construction period of five years before mining is to commence.
Mining should be in accordance with a development plan approved by the ministry and after five years, production should be not less than 900,000 tons of ore per annum.
The permit is valid for mining lead and zinc. However, if other minerals are encountered the ministry must be informed and the development plan altered.
The project is operated as a joint venture through MZC, a private Iranian stock company.