Mineral Commodities Ltd. opened an office in Tehran as it looks to explore and develop copper, gold, cobalt, nickel, zinc and potash-lithium projects in Iran.
The company's wholly owned Iranian subsidiary, Madan Rahjo Kanyab Co., entered into agreements to acquire existing operations and for joint ventures with local partners.
Bahman Rashidi has been appointed the general manager for the Iranian operations, according to the Dec. 18 release.
The company said it reviewed over 30 greenfields and brownfields and operating mining projects and concluded transactions on the Tuzlar gold operation and the Asbkhan copper-gold project.
Mineral Commodities said it has a fully funded exploration budget out of its current operational cash flow of US$2.4 million for 2018.
Additionally, the company entered into a nonexclusive memorandum of understanding with Iran Minerals Production & Supply Co. to review opportunities for the exploration, extraction, and processing and investment commercialization of projects under the latter's management.
The company also signed an MOU with the geological survey of Iran to explore the country for base and precious metals including gold, lead, zinc, copper, mineral sands, potash and lithium deposits.