The production of six major mining industry products increased by an average of 16 percent in the nine months to December 20, 2020, according to the latest data released by Iran’s Industry, Mine, and Trade Ministry.
Investment in mining industries including small- and medium-sized mines will provide the basis for export prosperity, said the director of investment development and international cooperation of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).
A sum of 70 mining licenses were issued in the central province of Isfahan for exploration and mining operations since the beginning of the current Iranian year (March 20), announced the head of Isfahan Province’s Industry, Mine and Trade Department.
Iran is an energy superpower, holding the world’s largest reserves of oil and gas combined. Oil has been the primary source of foreign currency for decades which, on the flip side, has relegated other industries to the fringes.
Domestic Economy Desk
The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) plans to complete and open projects worth $2.2 billion in the domestic mining sector by the end of the current Iranian calendar year (March 2021) in cooperation with the private companies.
The Iranian mining sector has seen a significant surge in investment for new projects, a sign the country is intent on taking benefit of its massive mineral reserves despite US sanctions that have targeted its sale of lucrative metals.