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We study the parent compound of the pyrite-type $Ir_{x}Ch_{2}$ iridiumchalcogenide superconductors, $Ir_{0.75}Ch_{2}$ (or $Ir_{3}Ch_{8}$). While thelattice structure of the material is rather complicated, we show that theelectron physics near the Fermi surface (FS) can be described by a three-bandtight-binding model. We find that the material possesses a loop current groundstate which is responsible for the highly anisotropic strong diamagnetismobserved in experiments. The fluctuations of this loop current state can be apossible pairing mechanism for superconductivity.

Loop Current and Orbital Magnetism in Pyrite-Type $Ir_{3}Ch_{8}$ ($Ch=Se,Te$)