Iranian Babak Copper Company (IBCCO) was newly founded and registered in Tehran with Reference No. of 379679. IBCCOs asset is 10,000,000,000 Iranian Rials. It is asubsidiary of Middle East Mineral Industries and Mines Development Holding Company (MIDHCO). Both IBICCO and MIDHCO are 100% private companies. MIDHCO, the parent company, was established in 2007 by Bank Passargad, the largest private bank in Iran with over 6,000 shareholders. MIDHCOs registered asset is equivalent to US$ 100,000,000 and is approved to be increased to US$ 500,000,000 by its shareholders. The company succeeded in planning and design and investment of several industry and mine projects in the fields of copper and steel. Invested capital of these projects is estimated to be about US$ 2.5 billion among them are two copper projects to be handled by IBCCO, namely Shahr-e-Babak Hydrometallurgy plant and copper tube plant.