"Following our negotiation with the Brazilian delegation headed by their minister of industries, the authorities of both countries have decided to set up a commission including experts from both countries in order to develop mutual cooperation in the field of exploration and exploitation of iron ore, coal, potash, precious stones and other minerals through mutual investment," Mohammad Masoud Samienejad, Iran's deputy minister of industries and mines, stated recently. He added, "The Iranian authorities in cooperation with the Brazilian delegation are preparing a draft memorandum of understand which to be signed by the presidents of both countries in the near future." The Brazilian president, Luiz Inacio Lula Da Silva is expected to visit Tehran next month.
Meanwhile, a pelletzing plant with an annual capacity of 5 million mt with an investment of $300 million, to be paid by Brazil, is to be set up in the southwest of Iran by Brazilian companies. However, the authorities of both countries are still negotiating about the pelletizing project. Details may be finalized when the Brazilian president visits Iran next month.