Mining projects worth over $8.5B launched in Iran

Business Materials 24 March 2015 12:29 (UTC +04:00)

Baku, Azerbaijan, Mar. 24
By Fatih Karimov - Trend: The Iranian Mines and Mining Industries Development and Renovation (IMIDRO) has launched 30 mining projects, worth over $8.5 billion, over the past 1.5 years.

IMIDRO director Mehdi Karbasian said that more than $7.5 billion worth of the projects have been launched by the private sector, Iran's Mehr news agency reported on March 24.

Some of the projects, including the Zarshouran gold mine in northwest of the country and the Cerro Azul Cement Factory in Venezuela have come on stream, he added.

The USD official exchange rate is currently 28,000 rials in Iran.

Iran's estimated and proven mineral reserves total 60 billion metric tons.

The country's mineral reserves are estimated to cost $750 billion.

Iran holds 3 percent of the world's mineral reserves,which puts the country first in the Middle East and third in Asia.

Iran ranks 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.

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.

Edited by CN