Ministry: Iran's mining sector can be alternative to oil sector
BAKU, Azerbaijan, May 24
By Elnur Baghishov – Trend:
Iran's mining sector could be an alternative to oil exports, said Iran's Acting Minister of Industry, Mine and Trade Hossein Modarres Khiabani, Trend reports citing the ministry.
According to Modarres Khiabani, if Iran's economy overcomes dependence on crude oil, the mining and quarrying sector will be the best choice to replace oil revenues.
"Currently, Iran's main priority is exports and the inflow of foreign currency into the country. The export currencies should be seen as a boost to oil revenues. The mining sector can play a key role in this direction, "he said.
Modarres Khiabani added that the value of exports of Iran's mining and quarrying sector amounted to $9 billion in the last Iranian year (from March 21, 2019 to March 20, 2020).
"However, Iran's mining industry has the potential to export more than $9 billion worth of products from Iran," he said.
The official said that this requires serious attention to mining discoveries and more active work.
Iran has 50 billion tons of mining reserves. This figure is expected to reach 60 billion tons in the current Iranian year (began from March 20, 2020).
Iran's crude oil exports have declined sharply since November 2018, when the US gradually increased sanctions against Iran. Iran plans to increase exports in other areas with the decline in crude oil exports.