BAKU, Azerbaijan, February 25. Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) and its subsidiary companies prevented outflow funds worth $450 million from country thanks to domestic production, during the first 11 months of the current Iranian year (March 21, 2022 through February 19, 2023), Trend reports citing IMIDRO.
The mentioned amount of funds was saved as a result of local production of 11 companies operating under IMIDRO and special economic zones:
- The National Iranian Copper Industries Company (NICICO);
- Mobarakeh Steel Company;
- Khouzestan Steel Company;
- Chadormalu Mining and Industrial Company;
- Golgohar Mining and Industrial Company;
- Gohar Zamin Iron Ore Company;
- South Aluminum Corporation (SALCO);
- Iran Minerals Production and Supply Company (IMPASCO);
- Hormozgan Steel Company;
- Khorasan Steel Company;
- Iran Alumina Company and several special economic zones operating under the IMIDRO.
The company said it's planned to prevent the outflow of funds worth $500 million through domestic production in the current Iranian year (March 21, 2022 through March 20, 2023).
Although industrial and mining equipment and spare parts in Iran have been manufactured only domestically as a result of the new sanctions imposed by the US against Iran, there have been no problems in production in mines and industrial facilities.
On May 8, 2018, the US announced its withdrawal from the Joint Comprehensive Plan of Action (JCPOA) between Iran and the 5+1 group (Russia, China, the UK, France, the US, and Germany) and imposed new sanctions against Iran.
Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies, and individuals. The sanctions have resulted in the freezing of Iranian assets abroad.
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