Wednesday 19 January 2022

Iran's $16 billion investment ... to vastly improve production capacity of various mineral sectors

Iran plans $16bn investment in mineral sector

TEHRAN, June 1, 2015

Iran is planning investments of around $15 billion during its sixth five-year economic development plan (2015-2020) to develop mining projects and raise the production capacity of steel, aluminium and copper industries, a report said.

Iran's steel production capacity is slated to increase from the current 23 million tonnes to 40.3 million tonnes by 2020, Deputy Minister of Industries, Mines and Trade Mehdi Karbasian was quoted in an Iran Daily report, which cited Press TV.

The development plan also sees an output of 400,000 tonnes and 800,000 tonnes for the copper and aluminium industries respectively, explained the minister, speaking at the Iran Mines and Mining Industries Summit (IMIS 2015) in Tehran.

"Iran ranks among the top 10 countries in the world in terms of mineral reserves which stands at an estimated 60 billion tonnes,” Karbasian said, noting that more than 68 types of minerals have been discovered in the country.

More than 70 per cent of about 6,000 mines in the country are currently active, he said.

Iran claims about 25 percent of Middle East's minerals market, he said.

"At present, Iran ranks 14th in the world in terms of steel production, 9th in cement production, 10th in iron ore reserves, 25th in aluminium production and 2nd in terms of decorative stones,” he added.

The country’s mineral sector has created about 620,000 direct and indirect jobs, said Karbasian.

Tags: Steel | Iran | Copper | Mining |

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