Iran is targeting $15 billion in foreign investment to develop its mines and mining sector, a report said.

“The huge quantities of mineral resources call for attracting and absorbing domestic and foreign sources,” Mohammad Khazaee, Deputy Minister of Industry, Mine and Trade was quoted as saying in the Press TV report.

Iran’s has an estimated 60 billion tonnes of mineral reserves as well as 37 billion tonnes of proven deposits, the report said, adding that reserves  have been found on explorations over only seven per cent of the total area.

“The mining sector is in fact the main base and the mother of development for other sectors which needs special attention,” Khazaee said.

"According to the sixth national development plan which is in the formulation stage, $15 billion in foreign investment is envisaged to be attracted in the mines and mining industries sector," he added.