Iran increases revenue from copper sales
Baku, Azerbaijan, July 20
By Elnur Baghishov - Trend:
The National Iranian Copper Industry Company (NICIC) made sales worth 51 trillion rials (app. $1.21 billion) during the first three months (21 March - 21 June) of the current Iranian year (started March 21, 2019), said CEO of NICIC Ardeshir Sad Mohammadi, Trend reports referring to Iran’s Madan24 news agency.
According to Sad Mohammadi, this figure exceeds the total revenue made in the copper industry for last year by more than half.
Sad Mohammadi added that presently, $12,500 of investments are needed for every ton of copper in the world, while in Iran, about $8,000 of investments are needed. "Therefore, Iran has a great advantage in terms of investments in the copper industry," he noted.
Sad Mohammadi said that the sum of investments made to the copper industry by NICIC and other domestic and foreign companies has amounted to 1.8 billion euros.
The CEO added that it is expected that the production will reach 540,000 tons this year due to commissioning of new projects .
"The current reserves of the NICIC are estimated at 2.2 billion tons of copper. This figure will increase with the discovery of new reserves. Therefore, the currently available reserves will last for 50 years, while the discoveries of new reserves will prolong that period to 100 years," he said.
It was noted that 298,000 tons of copper were produced last Iranian year (started March 21, 2018).