6 days ago
Iraq's natural resource value surpasses $16 trillion
Baghdad ( – Iraq's underdeveloped mining industry is a critical component of the country's ambitions to diversify its economy away from oil, which accounts for over 90 percent of the government's revenue.
The Prime Minister's financial advisor, Mazhar Salih, confirmed on Wednesday that Iraq is moving towards diversifying its GDP sources by increasing investment in the mining industry.
In a statement to the state-run news agency (INA), Salih indicated that the value of Iraq's natural resources exceeds $16 trillion.
Geological statistics suggest that Iraq has massive quantities of minerals such as sulfur, phosphate, rock salt, iron, and manganese, some of which are among the largest in the world.
According to studies, Iraq has the world's largest reserves of sulfur and silica.
The Iraqi government reached deals with major firms to explore natural resources as part of its effort to diversify national revenue and maximize the country's utilization of resources.
The Iraqi Prime Minister, Mohammed Shia Al-Sudani, said in April that Iraq is currently the world's greatest producer of sulfur and the second-largest producer of phosphate.
Last month, Iraqi Minister of Industry and Minerals Khalid Battal Al-Najm laid the foundation stone for new integrated phosphate fertilizer facilities in the western Iraqi province of Anbar.
The move signals the rebirth of Iraq's most significant industrial institutions after years of stagnation and destruction caused by terrorism.
