Iran Needs $15bn to Develop Mines

TEHRAN (Press TV) - According to the Sixth Economic Development Plan, Iran needs USD 15 billion in investment to develop its mineral sector and increase production capacity of steel, aluminum, and copper industries.

Date: 31 May 2015 - 21:32

News ID: ۱۴۴۹۰

Mehdi Karbasian, deputy minister of industry, mine and trade, said on Sunday that according to the Sixth Economic Development Plan, the total capacity for production of steel in Iran must increase from the current figure of about 23 million tons to 40.3 million tons by 2020.
The official’s remarks came in an address to the inaugural ceremony of Iran Mines and Mining Industries Summit, IMIS 2015, which opened at the international conference center of Milad Tower in Tehran.
He added that according to the development plan, output hike for copper and aluminum industries has been set at 400,000 tons and 800,000 tons, respectively.
Karbasian, who also heads the board of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), noted that more than 68 different types of minerals have been discovered in the country, adding, "Iran ranks among 10 top countries in the world in terms of mineral resources with mineral reserves amounting to 60 billion tons.”
The official stated that more than 70 percent of about 6,000 mines in the country are currently active.
Karbasian mentioned young, educated manpower as well as a big domestic consumption market as major advantages of Iran's mineral sector.

The deputy industry minister added that Iran's position in terms of mineral industries is unique in the Middle East and the country accounts for about 25 percent of Middle East’s minerals market.
"At present, Iran ranks 14th in the world in terms of steel production, 9th in cement production, 10th in iron ore reserves, 25th in aluminum production and 2nd in terms of decorative stones.”
He noted that Iran's mineral sector has created about 620,000 direct and indirect jobs.
Iran Mines and Mining Industries Summit, which has been organized by IMIDRO, was inaugurated in Tehran on May 31 and will continue on June 1.
The event is attended by 118 participants from 20 countries including Germany, Sweden, Finland, China, India, Japan and Canada, in addition to 230 domestic companies.
On May 13, Karbasian said more than 200 mineral projects ready for investment will be presented during the summit.
"The most important topic to be discussed at the conference is the mineral sector and its role in creating new jobs and helping development of the country,” he added.