Iran seeking massive expansion in mining industry
Iran is planning a significant increase in the exploration and production activities in the sector.
The government seeks to reduce its dependence on oil incomes.
The head of Iranian Mines & Mining Industries Development & Renovation (IMIDRO) said on Monday that the size of proven mine reserves across Iran could double if exploration methods were changed.
“We have only discovered a half of a total of 600,000 square kilometers of exploitable area across the country,”
“This comes as the size of reserves could double through underground mining in existing mines.”
said Khodadad Qaribpour.
“Iran was eyeing to move toward an economy – expansion mining – where potentially huge incomes from the mining industry could compensate for the loss caused by US sanctions in the oil sector.”
“Mine should replace oil, or its position should match that of oil”.
Adding that IMIDRO is on track to become the most powerful development holding in Iran in the coming years.
Iran has managed to largely protect its mining industry exports from sanctions imposed by the United States.
Precious metals such as copper shipped from Iran to major buyers in Asia mainly through third party countries, generating billions in foreign currencies in the past Iranian calendar year.
Iran has a total of 37 billion tons of proven reserves of minerals, ranging from iron ore to turquoise, accounting for more than 7% of global reserves according to the US Geological Survey.
The estimates shows that Iran has 57 billion tons of deposits of minerals.
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