Iran’s proven mineral reserves total 50 billion tons: Minister
Iran has a proven mineral wealth of around 50 billion metric tons, says the country’s minister for industry, mine and trade, as the government makes huge investment to expand the sector to turn it into a major source of earning hard currency.
Reza Rahmani said on Wednesday that discoveries carried out over the past few years had led to a significant increase in Iran’s proven mineral wealth which includes at least 60 different minerals.
Rahmani said that the discoveries had also proved that Iran’s mineral riches were much higher than previously thought, adding that the country has yet to tap into its vast reserves deep underground.
He said that most of the newly-discovered mines contain rich resources of copper, a precious metal which is mostly concentrated in areas in southeast and northwest of Iran.
Iran has seen a surge in its export of metals over the past two years despite a series of American sanctions that have specifically targeted the country’s trade of metals and raw mining products.
Rahmai said export of raw materials from Iran, including the iron ore, decreased by almost two thirds in 2019 to stand at nearly eight million tons.
Iran has maintained some harsh tariffs on the export of iron ore and other raw metals since September. That came after mills and smelters across the country faced a shortage of raw materials.
The boom in the Iranian mining and metals sector has come as the government seeks to offset the impacts of the American sanctions on the once-lucrative oil industry.
Authorities believe rising export of metals could compensate for a significant portion of the revenues lost due to the US bans on direct sale of crude.
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