Mining is a potential ‘$16 trillion’ industry in Iraq: Official

ERBIL, Kurdistan Region - Iraq is rich in minerals and mining has the potential to be a $16 trillion industry, an advisor to the prime minister said on Saturday.

“Iraq is rich in various types of minerals and precious stones, including silica sand, which is found in the provinces of Anbar, Najaf, Karbala, and Muthanna. This type of sand is used in glass manufacturing, ceramics, and electronic chip industries,” Mazhar Mohammed Salih told Rudaw.

“Quartz rock, which is rich in silica and is found in the mountainous regions of Kurdistan, is also used in the manufacturing of electronic chips, glass, and porcelain,” he added.

Iraq also has large sulfur reserves, mostly found in the Mishraq area near Mosul, and it has large quantities of phosphate, which is used in cement production, especially in the Akashat area of Anbar province, according to Salih.

According to preliminary estimates, the revenue from mining these minerals could reach “approximately 16 trillion dollars,” said Salih, adding that these industries are underdeveloped.

He said that there is also a good amount of gold in the country, especially in the mountainous areas of the Kurdistan Region, in addition to iron, nickel, thorium, lead and limestone.

Cement, mining, and agriculture are some of Iraq’s key industries, but they are dwarfed by the oil sector, on which the economy is dependent. Iraq has one of the world’s largest proven crude oil reserves. Experts warn that economic diversification is crucial to stabilizing Iraq’s economy.