Minister Elaborates on Iran’s Proven Mineral Reserves

Iran has a proven mineral wealth of around 50 billion metric tons, said the country’s Minister of Industry, Mine & Trade, as the government makes huge investments to expand the sector to turn it into a major source of earning hard currency. Reza Rahmani said that discoveries carried out over the past few years had led to a significant increase in Iran’s proven mineral wealth which includes at least 60 different minerals, Press TV reported. Rahmani said that the discoveries had also proved that Iran’s mineral riches were much higher than previously thought, adding that the country had yet to tap into its vast reserves deep underground. He said that most of the newly-discovered mines contain rich resources of copper, a precious metal which is mostly concentrated in areas in southeastern and northwestern Iran.

Iran has seen a surge in its export of metals over the past two years despite a series of American sanctions that have specifically targeted the country’s trade of metals and raw mining products.
Rahmai said the export of raw materials from Iran, including iron ore, decreased by almost two thirds in 2019, to stand at nearly eight million tons.

Iran has maintained some harsh tariffs on the export of iron ore and other raw metals since September 2019. That came after mills and smelters across the country faced a shortage of raw materials.
The boom in the Iranian mining and metals sector has come as the government seeks to offset the impacts of the American sanctions on the once-lucrative oil industry.

Authorities believe the rising export of metals could compensate for a significant portion of the revenues lost due to the US ban on the direct sale of crude. - Iran Daily