Iraq's natural resources, including Kurdistan, worth over $16 trillion

Iraq's natural resources worth over $16 trillion — Mazhar Mohammed Salih, advisor to Iraqi Prime Minister Mohammed Shia al-Sudani, May 2025. Photo: INA/ina.iq

BAGHDAD,— Iraq holds natural resources valued at more than $16 trillion, and the government is now intensifying its efforts to tap into that wealth by investing heavily in the mining sector, a top official said Wednesday.

Mazhar Mohammed Salih, the Prime Minister’s financial adviser, told the state-run Iraqi News Agency that the government has launched a broad strategy to diversify the country’s gross domestic product (GDP) beyond oil.

Central to this effort is the development of the long-overlooked mining industry, with new agreements signed with international companies focused on exploring and investing in minerals such as phosphate, sulfur, lithium, and copper.

“The government is advancing plans to unlock this sector, which has been neglected for decades,” Salih said. “Strategic agreements are in place to start exploration and development in key areas, as part of the broader national income diversification agenda.”

According to Salih, Iraq ranks first globally in terms of the concentration of natural resources per square kilometer, and ninth worldwide in total estimated value—figures supported by international reports.

He highlighted that Iraq’s phosphate reserves exceed 10 billion tons, mainly located in the Akashat region of Anbar Governorate.

These reserves place Iraq among the top global holders. Additionally, significant free sulfur fields exist in Mishraq, Nineveh Governorate—among the largest of their kind worldwide.

Other notable resources include silica in Najaf Ashraf and western Iraq, widely used in high-tech industries like electronics and glass manufacturing. These reserves are described as some of the purest in the world.

Deposits of iron, manganese, copper, and gold are also found across the Kurdistan Region and along Iraq’s western and central borders. The southern region holds several rare and untapped resources, Salih added.

Government plans aim to integrate the extraction of these materials into broader industrial processes, ultimately boosting exports. Salih projected that the mining sector alone could increase Iraq’s GDP by 10% in the first phase of development.

The strategy also includes building local industries—such as fertilizer production, aluminum, glass, and renewable energy components—and linking them to global supply chains.

Salih said foreign investment, digital technology, and skilled labor development are critical to this transition.

He emphasized that while oil remains Iraq’s primary economic driver, mining will serve as a vital complement, especially in medium- to long-term planning. “Oil is still essential,” he said. “But mining offers a new path for national growth.”

Salih concluded by noting that the revitalized mining industry could restore economic balance, create employment, and strengthen infrastructure in areas rich in natural resources, contributing to a more geographically balanced development across the country.

(with files from INA)