Iran plans to boost mineral exports to $5B annually
Baku, Azerbaijan, Nov.5
By Fatih Karimov - Trend:
Iran plans to boost mineral exports to $5 billion annually.
The country exported 4.222 billion metric tons of minerals, worth $647.051 million, in the first half of the current year, Iran's ISNA news agency reported on November 5.
Iran's industry minister Mohammad Reza Nematzadeh has said that the country's mineral exports are projected to be increased to $5 billion based on the sixth five-year national development plan (2015-2020).
In December 2013, Abolfazl Poudehi, an Iranian economy ministry official said the mining sector of Iran requires $400 billion to meet objectives of the Fifth Five-Year National Development Plan (2010-2015).
"The private sector, banks, and the capital market will secure some 60 percent of the necessary fund, and 40 percent will be provided through foreign sources," Poudehi stated.
Iran holds three percent of the world's mineral reserves which puts the country first in the Middle East and third in Asia.
Iran is among the 15 major mineral-rich countries of the world and exports its industrial and mineral products to 159 countries, including Iraq, China, the United Arab Emirates, India and Afghanistan.
The important mines of Iran include coal, metallic minerals, sand and gravel, chemical minerals and salt.
The country has the world's largest zinc and second largest copper deposits and ranks ninth for its iron reserves.