TEHRAN, Iran, Nov.15
Trend:
National Iranian Copper Industries Company has invested $1 billion 17 projects of the country's East Azerbaijan Province, said Managing Director of the company Ardeshir Saad Mohammadi, Trend reports citing IRNA.
"The investment would lead to mass production by the end of next Iranian year (starts March 21, 2020) and would cause liquidity flow of $1.6 billion per year," said Mohammadi.
"The main objective of the company is to transform East Azerbaijan Province into a base for copper exports to Turkey, and hopefully it would occur in next two years," he said.
"Turkey annually imports 500,000 tons of cathode copper from Uzbekistan and Kazakhstan. Meanwhile, East Azerbaijan Province can supply 20 percent of Turkey's imports," he added.
"National Iranian Copper Industries Company supports all domestic producers. Increased domestic production can reduce the need for imports by some 683,000 pounds," he said.