China seeks to expand into Iranian mining sector

A senior Chinese official has flagged Beijing’s strong interest in the Iranian mining sector.

PressTV reports that China’s Ambassador to Tehran Yu Honyang made the remarks during an official visit to the Persian Gulf Mining and Metal Industries Special Zone (PGSEZ) in the south of the Islamic Republic.

Yu said Iran’s secure market could bring benefits to both Beijing and Tehran, and expressed his hope that the two countries would engage in a greater number of joint-ventures as well as expanded sharing of high-level expertise.

Massoud Hendian, Managing Director of PGSEZ, said that China is Iran’s largest commercial partner, noting the high trade volume between the two countries.

The PGSEZ play a vital role in the Iranian economy as a key producer of steel, aluminum and zinc, as well as a major transportation hub for the export of non-oil commodities and the shipping of minerals.

The Iranian government values the country’s existing mineral reserves at over USD$770 billion.