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Iran unveils amount of saved money by major mining companies

Business Materials 20 January 2021 16:14
Iran unveils amount of saved money by major mining companies

BAKU, Azerbaijan, Jan. 20

By Elnur Baghishov – Trend:

Nine major Iranian mining companies saved $350 million in the manufacturing sector during the first six months of the current Iranian year (March 20 through September 21, 2020), Advisor to the chairman of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), Hassan Younesian said, Trend reports citing IMIDRO.

Younesian emphasized that these companies are the Golgohar Mining and Industrial Company, Khouzestan Steel Company, Mobarakeh Steel Company, National Iranian Copper Industries Company, Hormozgan Steel Company, Chadormalu Mining and Industrial Company, Khorasan Steel Company, and Iran Alumina Company. These companies saved the money by providing the necessary equipment and spare parts from local manufacturers.

The advisor added that the saved money is only for manufacturing sector. The funds saved by the developing companies and enterprises are not disclosed.

“If these funds are taken into account, the savings of Iran's major industrial and mining companies will be bigger,” he said.

The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) and its affiliates will implement plans worth $16.3 billion over the next 5 years (from March 20, 2020 to March 21, 2025).

It is estimated that Iran will implement certain plans in the area of steel, copper, aluminum, gold and other major mining industries and put into operation the facilities based on plans.

A total of $3.08 billion will be invested in this regard in the current Iranian year (from March 20, 2020 to March 21, 2021). Of this amount, more than $2 billion will be invested by IMIDRO and its affiliates, and $1 billion by the private sector.

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