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Economists: Mineral investment maximizes the country's resources

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Economists: Mineral investment maximizes the country's resources

Economy News _Baghdad

Economic specialists have called for the use of mineral extraction to diversify the country's financial resources, stressing the importance of getting rid of the economy, while the Economic and Investment Committee explained the reasons for not passing the mineral investment law in the House of Representatives.

"The Iraqi economy is rent-free and depends on oil only," said Nada Shaker Joudt, a member of the Economic and Investment Committee, in a statement to Al-Sabah, which was briefed on the "Economy News" and that

"the Iraqi economy is rent-free and depends solely on oil, pointing out that the problems of oil are many, as there are fluctuations in oil prices because they are affected by the economic, political and security aspects."

"If there is an escalation in the Gulf or the Mediterranean, it will affect oil prices and therefore the Iraqi economy will be affected," she said, stressing the importance of considering alternatives to the economy by diversifying its resources, where Iraq has natural mineral and other mineral wealth that is still not properly exploited.

"Iraq, instead of selling oil for 40 to 60 dollars, could sell it for thousands of dollars if it supports manufacturing and petrochemicals," she said.

"So far, Iraq is importing energy and even most oil derivatives, despite the extraction of large quantities of oil," she said, noting the importance of benefiting From Iraqi oil in petrochemical industries.

"There is a mineral investment law prepared by 95 percent within the Economic and Investment Committee and will be ready for a vote in the coming sessions," she said, adding that

"some members of the committee have observations on the law because they insist that Iraq has rare minerals and are afraid of its scattering, but in fact Iraq produces non-metallic materials and not metallics, which delayed the adoption of the law in previous sessions."

"The minerals in Iraq are good, and when they are invested, they will generate a lot of money," she said, noting that the Iraqi sand itself is a great economic asset.

Mineral industry

Iraq has offered many investment opportunities in the field of mineral industry, where there are many investment opportunities for the construction and mining industries in Iraq, where many metal and non-metallic industrial metal ores are located in different parts of Iraq.

The Iraqi Geological Survey is the government body responsible for mineral exploration and exploration of these minerals and is also responsible for implementing the amended Mineral Investment Regulation Act No. 91 of 1988. The Iraqi Geological Survey is offering a number of investment opportunities, including phosphates, free sulfur, sulfates, silica sands, red folds, brick folds and others.

Free sulfur is found in nineveh and Salihaldin provinces, where sulphur is found in the rocks of the formation of the opening (mid-mayosin) in the sequences of the cumin, gypsum and marl in the area extending from the spill to the hole.

Installation of the torches

Sulfur appears in the form of nests, bundles of calcit and kyramaterials in about a dozen dome compositions, the most important of which is the installation of mashraq and lzaka in Nineveh and the installation of a alcohol in Salah al-Din.

Proven and calculated reserves are estimated at 600 million tons of free sulfur, 60% of which are soluble and extracted by bed.

Phosphate deposits may be found in Anbar province in the Western Sahara region to the west and northwest of the city of Al-Rutbah, near the Iraqi-Syrian border.

Phosphate ore deposits are found in three tawis, namely the formation of acacia (palyosin), the formation of the rita (aiusin) and the formation of a decuma (late cretaci).

Natural resources

"It is necessary to give importance to the investment of Iraq's natural resources and minerals in a way that ensures the achievement of significant financial resources," said economist Ahmed Al-Majdi.
For the country."

"The Ministry of Industry and Minerals should offer investment opportunities to international companies to invest in minerals, where Iraq has many types of minerals such as sulfur, phosphate, salt, sand, folds and others," al-Majdi said in a statement.

"The investment of minerals needs an integrated law to be enacted within the House of Representatives," he said, adding that there was still some political differences that prevented it from being adopted during previous parliamentary sessions.

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