SCI: 48% Rise in Mining Investments

EghtesadOnline: Over 29 trillion rials ($767 million) were invested in Iranian mines during the fiscal 2015-16, registering a 48% increase compared to the year before, the Statistical Center of Iran’s latest report shows.

News ID: ۷۷۷۸۲۰

22 July 2017

According to deputy minister of industries, mining and trade, Mehdi Karbasian, the Iranian mining sector requires close to $50 billion in foreign investment.

“About $30 billion of the figure need to be invested in the steel industry and its downstream sectors, and the rest in copper, aluminum and other industries,” Karbasian, who is also the president of Iranian Mines and Mining Industries Development and Renovation Organization, said on the sidelines of the Second Iran Mines and Mining Industries Summit in December.

The SCI report’s other findings show declines in value added, number of mines, number of miners and exports during the period under review, Financial Tribune reported.

There was a 13.9% decrease in value added with Kerman Province, Yazd Province and East Azarbaijan Province generating the highest amounts at  33.585 trillion rials ($888.727 million), 16 trillion rials ($423.392 million) and 4.611 trillion rials ($122.016 million) respectively.

The number of mines and miners registered 2.6% (by 141) and 0.7% (by 658) of declines respectively.

Kerman Province with 23,917 miners, Yazd Province with 12,207 and Isfahan Province with 5,564 had the highest number of mine workers in the country.

According to the Ministry of Industries, Mining and Trade, over 5,700 mines are operating across the country, from which some 400 million tons of minerals are extracted.

SCI said about 434,900 tons of minerals worth more than 118 trillion rials ($3.122 billion) were produced in the fiscal 2015-16.

As for exports, the Iranian mining sector’s exports saw 12.2% and 33.6% declines in value and volume respectively year-on-year.