Iran announces its copper exports

Business Materials 30 March 2020 13:08 (UTC +04:00)

BAKU, Azerbaijan, March 30

By Elnur Baghishov - Trend:

Iran's copper exports amounted to more than $1 billion in the last Iranian year (from March 21, 2019 to March 20, 2020), said Managing Director of the National Iranian Copper Industries Company Ardashir Sad Mohammadi, Trend reports citing Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).

According to Mohammadi, despite US sanctions against Iran, Iran's copper exports have more than doubled since the year before last (March 21, 2018 - March 21, 2019).

Mohammadi added that the company's sales reached a record 220 trillion rials (about $5.2 billion) for the first time.

The official said that although copper prices on the world market have fallen, Iran's copper sales have increased by more than 125 percent over the past year.

"Shares of Iran's copper company rose from 300 trillion rials (about $7.1 billion) to 720 trillion rials (about $17.1 billion) last year," he said.

Mohammadi said that In the 12th month of last Iranian year (February 20 - March 19, 2020), the sale of the National Iranian Copper Industries Company amounted to 25.1 trillion rials (about $599 million).

The official added that Iran produced 250,000 tons of copper cathode and 1.1 million tons of copper concentrate.

The US imposed new sanctions on Iran in November 2018. Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies and individuals.