Afghan businessman to invest up to $12 million in iron ore extraction in Panjshir

An unnamed Afghan businessman is reportedly ready to invest up to $12 million in iron ore mining in Panjshir province, the provincial governor’s spokesman Saifuddin Laton said Sunday.

According to Laton, the businessman has shown interest in investing between $3 and $12 million to mine an area covering 22 square kilometers in Paryan district in Panjshir.

Laton said the contract for this project has been approved by the Economic Directorate of the Prime Minister’s Office of the Islamic Emirate of Afghanistan (IEA).

In addition to extraction, the businessman will also carry out the processing and packaging of the iron ore within the province to create greater added value.

Laton said that in the first phase, the company will launch an exploratory program of the reserves over six months, during which around 500 jobs will be created.

After completing this phase, formal extraction work will begin, he said.

Afghanistan possesses substantial iron ore reserves, estimated at 2.2 billion tonnes, making it a top 10 country for extractable iron.

The largest deposit, Hajigak, is located in Bamiyan province, and contains an estimated 1.7 billion tonnes of high-grade ore.