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Total capital of Iran’s Golgohar Mining & Industrial Company to exceed $2B

Business Materials 18 November 2019 12:16
Total capital of Iran’s Golgohar Mining & Industrial Company to exceed $2B

BAKU, Azerbaijan, Nov. 18

By Elnur Baghishov - Trend:

The total capital of Iran’s Golgohar Mining and Industrial Company, located in Sirjan county of Iran’s Kerman province, is expected to increase to 100 trillion rials (about $2.3 billion), said Mahmoud Zeydabadi, the company’s deputy managing director for financial and economic issues, Trend reports via ISNA.

Zeydabadi said that the company’s total capital is 48 trillion rials (about $1.1 billion).

The company’s deputy managing director added that the goal of increasing the total capital is to develop projects and that shareholders can support the expansion of the company’s mines.

“Golgohar ranks 6th in the commodity exchange and efforts are being made for the company to take the first place in the near future,” Zeydabadi said.

In turn, Mohsen Nabavi, the company’s deputy managing director for budget issues, said that Iran ranks 9th in terms of iron ore reserves and 2 percent of world reserves are possessed by Iran.

Nabavi added that 30 percent of Iran’s iron ore reserves are located in the area owned by Golgohar company. There is potential to produce 34 percent of concentrate, 25 percent of pellets, 14 percent of sponge iron and 3 percent of raw steel in this area, the deputy managing director noted.

Nabavi said that while in 2009, 6 million tons of concentrate were produced per year, this volume has now reached 20 million tons and will reach 24 million tons by 2025.

“By 2025, 21 million tons of pellets, 6.4 million tons of sponge iron, 5.3 million tons of molten steel and 100,000 megawatts of electricity will be produced,” the deputy managing director noted.

Nabavi said that a project on steel production is underway in Chabahar district. As part of this project, 15 million tons of pellets, 12 million tons of sponge iron and 10 million tons of steel will be produced, the deputy managing director noted, adding that investments worth 7 billion euros are expected for this project.

Nabavi said that investments worth about $14.5 billion and 132 trillion rials (about $3.1 billion) are expected for all projects, adding that so far, 1.4 billion euros and 69 trillion rials (about $1.6 billion) have been invested.

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