Iran Commits to $15 Billion Investment to Boost Copper Output

SEATTLE (Scrap Monster): Iran announced plans to make investments of up to $15 billion over the next five years, aimed at boosting its copper production. The country targets to raise the production of the strategic metal from the current levels of 280,000 tonnes of copper cathodes per year to more than 1 million tonnes.

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Reza, Fatimi-Amin, Iran’s Minister of Industry, Mining and Trade announced that the investment plan would have a significant impact of the country’s copper export volumes. The exports, which are currently valued at $1.7 billion, will see drastic jump to more than $10 billion, he said.

Accordingly, the projects aimed at boosting copper production by approximately 750,000 tonnes have already commenced this summer. These projects are expected to come online as per schedule during the course of the year. The country has already started explorations in South Khorasan province in eastern Iran, with more projects being undertaken in other provinces as well.

Incidentally, Iran is home to three major copper mines of Sarcheshmeh, Sungun and Miduk, which are operated by the National Iranian Copper Industry Company (NICICO) and have a combined reserves of around 3.4 billion tonnes. The country has proven mineral reserves of around 37 billion tonnes and potential reserves of nearly 57 billion tonnes.