“Huge” wealth.. What do you know about “precious” minerals in Iraq?
Iraq is witnessing An important shift in its economic strategy, as the government is moving towards diversifying sources of income and strengthening non-oil sectors, with the project to localize precious metals among the most prominent projects on this path.
And decided The Council The Industrial Coordination Committee on February 16th localized the manufacture of precious metals, including gold and jewelry, in addition to cosmetic products, with a focus on providing all necessary facilities for those wishing to establish their own factories.
And occupiesIraq28th place globally and 4th in the Arab world – after Saudi Arabia Lebanon and Algeria – in the classification Countries The highest gold reserves in the world, according to The Council Global For gold.
According to the latest table published by the Council, “Iraq raised its gold holdings to 162.7 tons, representing 12.7% of its total other reserves.”
The Central Bank also resolved Iraqi Ranked first in the Arab world and seventh globally on the list of banks Central Most purchased gold in 2024, according to the Gold Council data Global The volume of purchases reached Iraq About 20 tons of gold.
A qualitative leap,
confirmed Abdul Hassan Al-Ziyadi, a member of the Businessmen Union Council. Iraqi The new government’s plans in the industrial field, especially its orientation towards localizing precious metals, will represent a qualitative leap for Iraq, and will enable it to achieve leaps at the level of Global In the field of investment.
Al-Ziyadi said that the project of localizing precious or rare materials, or the rare metals industry, is one of the successful projects in Iraq, because the land Iraq It contains sufficient and surplus raw materials to launch such projects.
He pointed out that Iraq It has rare and precious resources, and is one of the good and fruitful spots for gold, and other projects such as phosphate, and other precious metals, especially in Anbar Governorate.
Al-Ziyadi explained that Iraq He began to think about using these resources and supporting the localization project to develop and benefit from it, stressing that the current government is ready to work and develop the work of its institutions, and direct it towards investment and encouraging investments.
He pointed out that Iraq He began to think about building economic institutions of good benefit, and he also began to think about the precious metals that he could exploit to develop his economy.
Huge wealth awaits investment
and is considered Iraq A country rich in its diverse mineral resources, as these resources are spread across its various governorates, and Anbar Governorate is the richest governorate in this field.
*According to the Iraqi Phosphate General Company, affiliated with the Ministry of Industry, surveys have revealed the availability of huge and confirmed reserves of phosphate amounting to about two billion confirmed and unexploited tons, with unconfirmed quantities that may exceed 7 billion tons.
*Iron ore, as its presence is particularly concentrated in the desert southwest of Anbar, where the underground reserve is estimated at about 60 million tons.
*Anbar governorates also have a large reserve of uranium in the Akashat area within the phosphate layer formations in the Western Desert.
*Anbar’s mineral resources do not stop there, as silica is concentrated in the Western Desert region, and appears in the form of layers of white sand, where the reserve amounts to about 75 million tons.
*As for gold, it is found in the governorates of Anbar and western Nineveh.
* Huge quantities of sulfur are concentrated in Anbar, Salah al-Din and Nineveh, and the reserves are estimated at more than 600 million tons.
* As for sodium sulfur, it is widespread in Salah al-Din Governorate and the general reserve is estimated at about 22 million tons.
* As for quartzite, it is widespread in the Rutba area in Anbar and its reserves are estimated at about 16 million tons.
* Celestite (strontium sulfur) is widespread in the governorates of Najaf and Karbala, where it appears in the form of sandy rock lenses, and the country’s reserve is estimated at about 0.8 million tons that are not exploited.
* Glass, its presence is concentrated in Anbar Governorate in the form of shiny surface sand in the plains and plateaus, and the existing quantities are estimated at about 400 million cubic meters.
* Lead is found in the governorates of Dohuk and Sulaymaniyah in the Kurdistan Region in the form of sedimentary carbonate rocks, and the reserve is estimated at more than 50 million tons.
*Statistics indicate the presence of dolomite in the provinces of Anbar and Muthanna, where the country’s reserves are estimated at about 330 million tons.
*As for gypsum, it is concentrated in Nineveh, Kirkuk and Salah al-Din, and its reserves are estimated at about 130 million tons.
*Lime is found in Anbar, Muthanna, Najaf, Nineveh and Kurdistan, and its reserves are estimated at about 8 thousand million tons.
*Silver is found in the regions of Kurdistan Iraq Within volcanic rocks.
* Bauxite is concentrated in Anbar, and its reserves are estimated at about one million tons.
* Feldspar sands are concentrated in Najaf Governorate, and its reserves are estimated at about 2.3 million tons.
* Quartz is concentrated in Anbar and the city of Faw, located on the waters of the Arabian Gulf in Basra, where its reserves are estimated at about 855 million cubic meters.
* As for copper, it is found in Sulaymaniyah Governorate, and its volume estimates vary between 10 and 20 million tons.
Reducing the exit of currency
To talk about the extent of the decision’s impact on the market, economic expert Salah Nouri believed that it is too early to determine the level of prices and quality for the gold and jewelry industry, because the Cabinet’s decision has not yet begun to be implemented.
Nouri explained that importing gold and precious metals constitutes a high percentage of total imports, and therefore this decision will contribute to reducing the exit of foreign currency (dollar) from the country, noting that the Ministry of Trade has been tasked with facilitating the import of raw materials for manufacturing purposes in coordination with the Central Bank.
He added that the manufacture of gold and jewelry inside Iraq It is supposed to make its local prices lower than its import price, warning that this industry may face the risks of fluctuations in global gold prices, which may in turn affect the stability of the local market.
Diversifying budget resources
Government advisor Alaa Al-Fahd confirmed that activating the precious metals localization sector will have an effective role in bringing out Iraq From total dependence on oil as a major source of budget revenues.
Al-Fahd said that Iraq Today, it has the ability to diversify its sources of income by localizing the precious metals industry, which will have a positive impact on the economy. Iraqi By diversifying revenues and activating this vital industry, noting that Iraq He has large reserves of gold that can be exploited in local manufacturing instead of importing ready-made gold jewelry from abroad.
Al-Fahd explained that Iraqi lands are rich in many undiscovered precious metals, and that these potential discoveries will directly contribute to increasing reserves and diversifying the economy, stressing that this requires conducting economic feasibility studies to determine the extent of the impact of these minerals and activating the industry.
He stressed that the matter is not limited to owning these minerals, but rather requires developing realistic plans to activate these industries and develop the economy, stressing that paying attention to these industries and localizing them in Iraq, in addition to providing facilities and attracting foreign investments, will have a direct impact on the economy Iraqi Al
-Fahd pointed out that this requires a government decision, and that this decision is available today, and it is a message to attract development investments in this field to activate the mining industry in Iraq, especially since there is a basis and ownership of these natural resources that can be exploited to strengthen the economy.
He explained that supporting the budget by activating this sector is inevitable, as any industry will contribute to raising production capacities and increasing production, which leads to the development and activation of the industry, pointing out that Iraq These transformation industries are needed to exploit the available infrastructure for minerals.
Al-Fahd explained that all opportunities are available today for investment in this field, and that investment in this sector is no less important than investment in any other sectors that contribute to developing the economy and supporting the budget, especially in light of the fluctuations in oil prices, stressing the need to search for alternative sources of income and revitalizing the industrial, agricultural and tourism sectors.
Al-Fahd stressed that these sectors can contribute effectively to achieving revenues and diversifying the economy, indicating that Iraq He should follow suit. Countries The Arab and Gulf countries have emerged from their dependence on oil and have begun to stimulate other industries and develop their natural resources.
Korek Company owes more than a billion dollars and the government is required to recover it
Member of the Parliamentary Integrity Committee, MP Nouris Al-Essa, revealed that there are accumulated sums of money on the Korek Company, stressing the committee’s determination to follow up on the file of accumulated debts on other companies.
Al-Essa said in an interview with Al-Maalouma, “The decision to cut off the Internet from Korek Company came because of its outstanding debts, which exceed one and a quarter billion dollars to the government,” noting that “the Parliamentary Integrity Committee is determined to continue its efforts to open the files of the accumulated debts of the rest of the companies.”
She added that “the committee also seeks to verify the quality of services provided to Iraqi citizens, in a way that ensures transparency and protects the rights of the state and citizens,” stressing “the necessity of eradicating all accumulated debts, not only in the communications sector, but in various other sectors, to ensure the recovery of funds owed to the state.”
Al-Essa explained that “this money should go to the state treasury, where it can be used to cover expenses, salaries and other obligations,” stressing “the importance of dealing objectively and transparently with the debt file, which contributes to collecting it from all companies without any delay.”
It is noteworthy that the Ministry of Communications cut off the Internet service to Korek Company a few days ago due to its delay in paying the debts accumulated on it to the Iraqi state institutions.
Iraq advances in the fight against corruption.. a leap in the global ranking
The head of the Strategic Center for Human Rights in Iraq, Fadhel Al Gharawi, confirmed today, Sunday, that Iraq ranked 148th globally in combating corruption.
Al-Gharawi said in a statement received by {Euphrates News} a copy of it, that: “Iraq witnessed remarkable progress in combating corruption during the period between August 2023 and July 2024, according to what was shown by the second report of the program to follow up on trials of major corruption cases, which was prepared by the United Nations Development Program (UNDP) in cooperation with the Supreme Judicial Council.”
He added, “The year 2024 witnessed the follow-up of 170 cases before the Central Criminal Court for Combating Corruption, compared to 150 cases in 2023, which reflects a 13% increase in the number of cases under consideration, and 80 rulings issued by the criminal and misdemeanor courts of integrity were reviewed, bringing the total number of cases followed up and reviewed to 250 cases.”
Regarding the number of convictions, Al-Gharawi said, “The number of convicted defendants increased from 231 defendants in 2023 to 371 defendants in 2024, an increase of 140 defendants, or 60.6%. The number of convictions also increased from 63 to 73, an increase of 10, or 15.9%.”
He explained that “the number of cases returned to investigation decreased from 21 cases in 2023 to 19 cases in 2024, and the number of cases returned for retrial decreased from 10 cases to only 4 cases. In addition, trials in absentia witnessed a significant decrease, reaching 19 cases (11%) compared to 32 cases (21%) in 2023.”
Al-Gharawi pointed out that “according to the report, the cases under consideration included a number of ministries and government agencies, with the Ministry of Industry and Minerals topping the list with 28 cases, followed by the Ministry of Finance with 17 cases, and the Baghdad Municipality with 14 cases, in addition to 12 cases in the Ministry of Justice, while 8 cases were registered against the Investment Authority.”
He explained that “65% of the cases were concentrated in Baghdad, where the number of cases increased from 72 cases in the first year to 111 cases in the second year. Anbar Governorate also entered the list of registered cases with 13 cases, while other governorates such as Babil, Nineveh, and Karbala witnessed an increase in registered cases.
” Al-Gharawi praised “the measures taken by the government, the Judicial Council, the Integrity Commission, and the oversight bodies, calling for legislative reforms that include expanding the definition of corruption crimes to include influence peddling and bribery in the private sector, enhancing transparency and accountability in institutions that suffer from high rates of corruption, and implementing an electronic case management system to facilitate procedures and improve efficiency.”
