Foreign investors can register mining firms in Iran with 100% ownership rights, said deputy minister of economic affairs and finance, Mohammad Khazaei on Wednesday during the 4th conference on investment opportunities in Iran's mining sector. "Iran possesses 7% of the world's total mineral reserves but the sector accounts for only 4% of the GDP," he said noting that the potential remains largely untapped. The way forward, according to the official, is to attract foreign investments to the sector by offering incentives, Forsat-e Emrooz Daily reported. About 68 types of minerals have been identified in Iran so far.

These resources are reportedly worth $1 trillion. Despite being among the most resource-rich countries, Iran is also one of the most underexplored as less than one-tenth of its surface area has been fully surveyed so far.