Iran will open a new gold mine with a capacity to produce 2 metric tons per year of the precious metal in its western Kurdestan province, Minister of Industry, Mine and Trade Mohammad Reza Nematzadeh says.

Iran has introduced $29 billion worth of mining projects to a trade and investment conference held with the EU in Vienna to discuss post-sanction opportunities for cooperation.

Iran seeks to chisel out a name among the world’s major miners, courting international prospectors into a sector which boasts some of the world’s most stupendous riches but remains vastly underdeveloped.

The Finnish engineering group Outotec has won an order for design and delivery of technology and services for an iron ore pelletizing plant in Iran, the company has said.

Turkey’s Yildirim Holding AS says it is interested in investing in Iran for production of stainless steel feedstock ferrochrome, the Fars news agency said on Friday.