Iran plans to attract $50 billion in foreign investment for the mining sector by 2022 within the framework of its Sixth Five-Year Development Pan (2017-22), said a senior Iranian official.

Iran looks forward to the cooperation of Latin American countries in mine and mineral development projects, Mehdi Karbasian, deputy minister of industry, mine and trade, was quoted as saying in an Iran Daily News report, citing Irna.

He added that the country will boost its gross domestic product by developing mines, and Latin American companies are expected to expand cooperation in this field.

Karbasian further stated that according to exploratory studies, Iran has 37 billion tonnes of proven mineral reserves worth $770 billion.