Tehran says German MKM eyes copper business in Iran

Business Materials 3 February 2016 18:04 (UTC +04:00)

Baku, Azerbaijan, Feb. 3

By Farhad Daneshvar - Trend:

A German company and National Iranian Copper Industries Co have signed a MoU worth one billion euro to cooperate in the Islamic Republic's mining sector, an Iranian official said, Tasnim news agency reported.

Mohammad Esfandiar, a board member of the Iranian copper company has said that MKM (Mansfelder Kupfer und Messing GmbH), a leading European manufacturer of primary and semi-finished products made of copper and copper alloys, has expressed interest in investing up to one billion euro in the Islamic Republic's mining sector.

According to its website, MKM supplies wire, strip, tubes, bars and sheet metal in copper and brass plus copper alloys.

Esfandiar said that the MKM will contribute to the development of Iranian downstream industry of copper and making of various products from copper cathodes.

Saying that Iranian Copper Industries Co is after obtaining the technology for the downstream industries of copper, the official added that obtaining the technology will contribute to the creation of new job opportunities in the country as well as booming the exports.

Iran's copper concentrate production amounted to 626,130 tons between March 21 and Nov. 22 last year which increased by 20 percent compared to the same period of preceding year.

The country's copper concentrate output reached 89,271 tons during the calendar month of Aban (Oct. 22-Nov. 22, 2015), 37 percent more year on year.

Some 122,838 tons of cathode copper as well as 158,180 tons of anode copper were produced in Iran during the eight-month period.

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 tons per year and the capacity is projected to be doubled by March 2020.

While Iran's proven mineral reserves stand at 37 billion tons, the country ranked among 15 major mineral-rich countries of the world.

The Islamic Republic exports its industrial and mineral products to 159 countries, including Iraq, China, the United Arab Emirates, India and Afghanistan.