Iraq Ranked 9th Among Countries Rich in Natural Resources

AFP

Iraqi flag and an energy field.

Iraqi PM’s financial advisor, Mudhher Muhammed Salih, confirmed on Friday, 18 April 2025, that Iraq ranks ninth globally among countries rich in natural resources, pointing to a movement to invest in strategic minerals as the revenues of which are comparable to oil.
 
"Preliminary international assessments place Iraq's endowment of valuable minerals, metals, and other natural resources at least $16 trillion, placing it ninth among the ten richest nations in the world," Salih told the Iraq's state media (INA).
 
He pointed out that "In terms of the concentration of natural resources per square kilometre of its vast and varied terrain, Iraq leads worldwide, particularly in the Mesopotamia Basin region, which is abundant in subterranean resources."
 
“Since thorium is a more significant and clean alternative for energy generation than uranium, investing in strategic minerals like thorium and uranium could yield returns on investment that are comparable to those of oil," he added, explaining that, "Iraq's capacity to join value-added chains, which boost gross domestic product is a requirement for tying the value of the national currency to investment in these minerals."

He added, that "finding of substantial amounts of uranium and thorium in southern Iraq is "strategic news" that, if properly utilised, will significantly contribute to the diversification of the national economy, particularly if it is connected to the investment strategies of the Development Road project."
 
"Iraq's global geoeconomic position will be strengthened as exploration and manufacturing activities for these two resources expand, opening the door for the development of non-oil resources," Salih emphasised. "Additionally, this development will create a sustainable future, draw in large international mining businesses with cutting-edge technological capabilities, sketch a new industrial map connected to the Development Road, and offer high-quality employment prospects in the Iraqi market." 
 
He pointed out that by boosting monetary stability and raising national revenue, this surge in mineral investment will have a positive effect on fiscal and monetary policy, ultimately improving the well-being of the populace.
 
"The importance of thorium and uranium minerals in the global energy market, and the presence of major economic partners such as India, China, and the United States, make Iraq a pivotal player in the field of unconventional fuel resources and an influential center in facilitating international security and energy paths," he added.



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