Iraq eyes mining sector to support economic diversification efforts
Iraq is planning to develop its untapped mining sector as part of its broader economic diversification strategy, a top government official said.
Mudher Muhammad Saleh, financial advisor to the Iraqi Prime Minister, told the Iraqi News Agency (INA) the government has signed memorandums of understanding with international companies to explore and develop key mineral resources, including phosphate, sulfpur, lithium, and copper
He said the total value of Iraq's natural resources is estimated at more than $16 trillion, adding that the mining sector is expected to contribute at least 10 percent to Iraq's GDP during its initial development phase.
Key mineral resources
Phosphate: Iraq ranks second worldwide, holding over 10 billion tonnes of phosphate reserves, located mainly in the Akashat area of Anbar province.
Sul ph ur: The Mishraq area in Nineveh Province is home to one of the world's largest free sulphur fields.
Silica: Najaf and western Iraq have high-purity silica deposits.
Iron, manganese, copper, and gold deposits in the Kurdistan Region, western Iraq, and central Iraq.
Rare minerals in southern Iraq
(Writing by Majda Muhsen; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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