The giant Mehdiabad zinc project in Iran is moving closer to development with the all clear being given recently to a bankable feasibility study (BFS) by both Union Resources Limited and the Iranian operating company Mehdiabad Zinc Company (MZC). An announcement on the successful engineering contractors is expected shortly. The project is a joint venture between Union, the Iranian Government and private Iranian interests (operated through MZC). Union Resources and the private partners are funding MZC until a total of 10 million US dollars is spent on the project. Under the formulae associated with the agreements in place Union estimates its current interest at around 33 percent and the company is targeting a majority through disproportionate contribution. "We hope that the BFS will be to a point by February next year where MZC can advertise for an EPC contract to construct the plant at that time," Union chief executive Rob Murdoch said.
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