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Rio Tinto withdraws from Kurdistan-Iran
gold mine project
24.5.2006
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TEHRAN, May 24
(Reuters) - Anglo-Australian miner Rio Tinto said on
Wednesday it was pulling out of the Sari Gunay gold
mining project in western Iran after deciding it was
not commercially viable.
Before conducting feasibility studies, Rio Tinto's
exploration manager in Iran last year estimated the
mine in the western province of Kurdistan could
produce 4 million tonnes of ore per year over 12 to
18 years.
"I can confirm that Rio Tinto will be withdrawing
from the Sari Gunay gold mine in Kurdistan," said a
spokesman for Rio Tinto in London. "After
feasibility studies we have concluded that the
reserves at the mine are too small to justify
continuing with the project," he added.
New foreign investment projects in Iran have come to
a virtual standstill due to a mixture of political
and commercial concerns. A Renault carbuilding
venture is a conspicuous exception to the trend.
Iran's Kurdish territories have been simmering with
unrest for several months with intermittent street
demonstrations, gun battles with the police and
kidnappings.
Reuters
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