Iran’s NICICO expects increase in revenues

Business Materials 19 May 2021 16:53 (UTC +04:00)
Iran’s NICICO expects increase in revenues

BAKU, Azerbaijan, May 19

By Elnur Baghishov – Trend:

The annual revenue of National Iranian Copper Industries Company (NICICO) will increase from $2.5 billion to $4.5 billion over the next four years, the Managing Director of the company, Ardashir Sad Mohammadi said, Trend reports referring to the company’s website.

Thus, Iran will become one of the top 10 countries in the world in the field of copper, the director said.

Sad Mohammadi added that copper reserves in Iran will decrease in 2024-2031, and the activities of 4 mines in the world will be suspended.

“There 199 projects on the copper field are being developed in the world in order to prevent the reduction of copper reserves until 2031. So, it is expected to be produced 10.6 million tons of copper under these projects. These projects are divided among the world countries, and Iran is also involved in these projects,” he noted.

The stressed noted that for example, Chile will add 1.3 million tons to its copper production capacity by investing $27 billion, as well as, Peru will add 650,000 tons by investing $14 billion.

According to him, $22,000 is to be invested in Chile for each ton of increase in production, and $14,000 in Peru.

Sad Mohammadi also said that according to the calculated figures, while in Iran, $8,000 is to be invested for each ton of increase in production. This is the lowest figure in the world.

The director emphasized that Iran intends to increase its copper production capacity to 600,000 tons annually.

At present, Iran produces about 300,000 tons of raw copper a year.