Azerbaijan, Baku, Jan. 22 / Trend F.Mehdi/
Iranian experts have managed to manufacture drilling rigs designed specifically for mining operations, IRNA quoted National Iranian Copper Industries Company official Reza Esfahanipour as saying.
The system will be used for drilling down to 1000 metres, he added.
Manufacture of the drilling rig took about a year, he said, adding it had the advantages of increasing speed and reducing transportation costs compared to its foreign made rivals.
Last week, IRNA quoted Iranian Industry, Mine and Trade Minister Mehdi Ghazanfari as saying that Iran's existing mineral reserves will sustain for 140 years if 400 million tons of the reserves are extracted annually.
Iran's discovered mineral reserves are valued at over $770 billion, he noted.
The potential mineral reserves are estimated to be 57-58 billion tons of which 37-38 billion tons have been proven, he said.
On September 4, 2012, Ghazanfari said that Iran possesses two per cent of the world's total mineral reserves.
He added that the mineral reserves include 12 metal and 36 non-metal ores.
Around 5000 mines are being exploited in the country, he stated, adding that around 340 million tons of minerals were extracted in the previous Iranian calendar year which ended on March 19.
Earlier this year, Geology and Mineral Exploration Organisation Deputy Director Behrouz orna said that the Islamic Republic of Iran has the largest mineral reserves in the Middle East.
Iran is also one of the top 15 countries in the world in regard to mineral reserves and exports its industrial and mineral products to 159 countries including Iraq, China, the United Arab Emirates, India and Afghanistan, he stated.