Tehran- Sadre Farda Company, a business accelerator in mining sector, and Iranian Mines & Mining Industries Innovation Center (Imino Center) signed a memorandum of understanding (MoU) on April 8.

The agreement of understanding paves the ground for development of innovation ecosystem in mine and mining industries, acting as a bridge between industries, new business startups and knowledge-based companies, Public Relations of Sadre Farda Company reported.

This MoU is aimed at improving new businesses, cooperation in the field of management, operational context and technological innovations, investment, development of technical knowledge and innovation ecosystem as well as entrepreneurship in the country’s mine and mining sector.

Hadi Kamali, managing director of Sadre Farda Company, expressed greetings on the start of the new Iranian year (March 21, 2023-March 19, 2024) and wished Allah accept prayers (in the holy month of Ramadhan).

On the goals of Sadre Farda Company’s formation, Kamali explained that Sadr Tamin Investment Company was a holding controlling 16 companies involved in the field of mines and mining industries whose activities range from exploration, drilling, extraction, exploitation to steel production and exports.

“No innovation or technological activity was conducted by these companies until up to 2019,” he said, adding that issues like innovation and optimization were ignored in the subsidiaries of Sadr Tamin Investment Company (known with its stock ticker symbol as TASSICO).

“In 2019, decision was made to set up a company to address issues related to the innovation in the subsidiaries of the holding,” Kamali said.

He listed accelerating the ideas and innovative products as well as developing knowledge-based businesses to create value as the first mission and resolving technological needs of TASSICO’s subsidiaries as the second mission of the company.

To do this, Kamali said, conducting survey, evaluation and data collections on technological needs of these companies, under control of TASSICO, was put on the agenda. “We tried to meet the needs of the company through innovation ecosystem.

“The 16 companies under the auspices of Sadr Tamin holding were asked to list those spare parts and equipment they were importing,” he stated, adding that “The company identified the spare parts and equipment which were of strategic importance and [exert efforts] to meet the needs through reliance on domestic potential.”

The managing director stressed that the company performed well in this field that he singled out as its third mission, which was also in line with the national agenda to rely on domestic productions rather than imports.    

Kamali emphasized that the fourth mission, which was assigned to the company, was enhancing mine-to-market value chain, which was specifically prioritized since Dr [Amir-Hossein] Naderi took over TASSICO.

The country, he said, used to focus more on steel, copper, lead, zinc and other metals in the past while rich mineral resources were ignored until today.

For instance, rare elements including magnesium, lithium, cobalt, carbon and …did not receive sufficient attention, Kamali stressed, adding that , “Therefore, the fourth fundamental mission of Sadre Farda Company is defined by Sadr Tamin Company as identification of investment opportunities in these fields.”

He expressed satisfaction over attracting a good number of technological and innovative ideas while seven ideas were translated into or set to translate into action on the ground.

Out of these seven ideas, two were turned into operational reality by investment of private sector, three came into the stream by Sadr Tamin Company’s fund and the last two ideas were still waiting to attract money, he noted.

Majid Vafaeifard, director to create innovation ecosystem for Imino center, expressed hope at the ceremony that signing of the MoU would open doors for further collaboration between the two sides.

He said that Imino center had no intention to take on operatorship but would play in the role of facilitation and regulation, adding that these roles would be conducted through executive arms of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) and other companies. 

“Therefore, Imino (center) does not intend to enter into competition with private accelerator businesses or any startups rather it will strengthen such businesses and knowledge-based enterprises,” Vafaeifard stressed.

The director said that he would regard development of accelerator businesses and startups as his top mission instead of getting caught into competition with them. 

To walk in this line, he added, the center was preparing a new research model to help prevent work in parallel, explaining that IMIDRO’s research unit, Iranian Mines and Mining Industries Development and Renovation Organization, Mining Investment Insurance Corporation (for finance), UNIDRO Research Institute (a joint research institute co-founded by IMIDRO and University of Tehran) and Technological and Innovative Center of Mines and Mining Industries of Sharif University of Technology (co-founded by IMIDRO and the university) were assigned to take on facilitation for knowledge-based activities in the field.

Vafaeifard said fundamental challenges of knowledge-based businesses were in two fields: market development and financing, adding that the center did a great job in this regard.

In financing, he said, the company signed a memorandum of understanding with Mining Investment Insurance Corporation. On the field of the market development, the center’s director said that major companies such as TASSICO, Mobarakeh Steel Company and other enterprises would help develop the market while important discussions were made with Iran House of Innovation & Technology (IHIT), which was based in Tehran International Permanent Fairground, on the exports of products made by knowledge-based companies.

He added that a memorandum of understanding was set to be signed soon in this field.

On priorities of the center, Vafaeifard said, calls were made to hold the 4^th INNOMINE exhibition (a festival on innovative ideas in mines and mining industries).

He urged the participants to assist the center by informing startups under their support of the exhibition, which would include rare-earth elements (the most strategic elements) as it was in the previous year, and encourage them to submit innovative ideas.

In conclusion, the director said that fruitful cooperation could be put on the agenda on issues such as know-how and technology needed for rare-earth metals (which are technology critical elements).