NICICO reports major rise in sales in 10-month period

National Iranian Copper Industries Company (NICICO) has reported a major increase in its domestic and international sales in the first 10 months of the current Iranian calendar year (started March 21, 2024).

News ID: 2000822

EghtesadOnline: The National Iranian Copper Industry Company (NICICO) said in a statement on Tuesday that its sales had reached 1,330 trillion rials (the equivalent of $1.92 billion at rates in a government-controlled market) in April-January, up 32% from the previous same period, Press TV reported.

The statement said that its domestic sales had increased by 29% year on year in the 10 months to late January to reach 1,020 trillion rials.

It said exports had reached more than 310 trillion rials or $644 million, adding that international sales had increased by 43% in rial terms and by 956% in dollar terms.

The NICICO described its sales performance as “successful”.

The firm is a subsidiary of Iran’s state metals and mining company the IMIDRO.

It has seen a major rise in activity and sales in recent years amid a boom in the Iranian minerals sector which many experts believe is a result of US sanctions on Iran’s petroleum industry.

Metals and raw minerals exports have been a major way of earning hard currency for Iran since the US toughened its sanctions on the country’s oil sales in 2019.

The NICICO announced in early January that Iran’s second-largest copper mine had reported a three-fold increase in its ore deposits.

It said that huge copper deposits had been discovered in Sungun mine in northwest Iran after a series of “shining exploration activities” in the area.

The company is also planning to speed up a giant copper mining project in the impoverished Sistan region in southeastern Iran. / Mehr