Iran needs €1.9B to implement copper industry development plans

Business Materials 8 April 2015 15:20 (UTC +04:00)

Baku, Azerbaijan, Apr.8

By Fatih Karimov - Trend:

Iran needs €1.9 billion to implement its copper industry development plans, said a source in the Iranian Mines and Mining Industries Development and Renovation company, known as IMIDRO.

The source said that €1.9 billion is needed to implement 17 development plans by Iranian fiscal year 1397 (March 2018-March 2019), Iran's IRNA news agency reported on April 8.

The plans are aimed to increase the country's copper production by 400,000 metric tons.

According to the statistics, Iran's copper ore reserves are estimated to be more than 4 billion metric tons.

Iran possesses the world's second largest copper reserves. At present, six copper mines are operating in the country.

Iran's copper production capacity stands currently at around 200,000 metric tons per year and the capacity is projected to be doubled by March 2020.

Ahmad Morad Alizadeh, Director of National Iranian Copper Industries Company, said the country's copper production will rise to 300,000 metric tons in the current fiscal year.

He said that the country has the potential to reach the exports capacity of $2 billion in the next few years.

Iran's proven mineral reserves stand at 37 billion tons.

The country ranked among 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.