A total of 152.55 million tons of mineral products were extracted by the National Iranian Copper Industries Company in the first nine months of the current fiscal year (March 21-Dec. 21), registering an 8% year-on-year growth, according to Ardeshir Sa’d-Mohammadi, managing director of NICICO.
Sulfur rock production grew by 2% YOY to 40.97 million tons, copper concentrate’s output increased by 5% YOY to 924,396 tons and molybdenum concentrate output with 5,952 tons registered a 13% YOY growth.
Anode production registered a 5% growth to 267,015 tons, as output of the cathode with 216,334 tons registered a growth of 5%.
NICICO’s total mineral extraction during the period stood at 16,874 tons, registering a 9% growth YOY.
According to the official, Sarcheshmeh Copper Company produced more copper concentrate than the entire fiscal 2020-21 (ended March 20), as the unit produced 548,885 tons in the nine-month period, this is while the fiscal 2020-21 output hit 536,773 tons.
The National Iranian Copper Industries Company is a leading copper producer in the Middle East and North Africa region and its mines hold close to 14% of Asia’s copper deposits and about 3% of global reserves.
The functions of this company include: Extraction and operation of copper mines and production of high-grade copper products such as cathode, slab, billet and 8-mm wires.
NICICO made 260.46 trillion rials ($868 million) in net profit in the last Iranian year (March 2020-21), up 118% YOY.
The company’s sales volume stood at 419.4 trillion rials ($1.4 billion) during the year, up by 87% YOY.
Sarcheshmeh and Miduk in Kerman, and Sungun in East Azarbaijan are among the most important copper mines of the country.
Iran holds about 4 billion tons of estimated copper reserves, according to the Geological Survey of Iran.
According to the United States Geological Survey, Iran holds the world's ninth largest copper reserves.
A contract was signed in September worth 80,000 billion rials ($266 million) for the annual production of 100,000 tons of copper cathode in Sungun Varzeqan Copper Complex, located in East Azarbaijan, between the National Iranian Copper Industries Company and Khatam Al-Anbia Construction Headquarters.
The project has the capacity to create direct employment for 500 people and indirect employment for 3,000 others, IRNA reported.
Sungun Complex is a subsidiary of NICICO and Khatam Al-Anbia is a major conglomerate of Iran. It is Iran’s largest copper mine with 1.5 billion tons of identified reserves.
“Sungun copper reserves have increased by 523 million tons in the past two years,” NICICO’s managing director was quoted as saying by IRNA.
According to Sa’d-Mohammadi, Sungun copper reserves were estimated at 320 million tons three to four years ago, but currently they have risen to 2 billion tons, of which 1.3 billion tons are deemed “economically viable”.
According to a member of Majlis Industries and Mines Commission, the value of Sungun copper mine reserves stands at $320 billion, equivalent to 10 years of Iran's exports.
“At the current rate, copper extraction from the Sungun mine will last 380 years and even if the current annual production of 300,000 tons of concentrate triples, it will take 130 years to thoroughly extract the mine reserves.”
Sa’ad-Mohammadi noted that investments in Sungun copper mine will exceed 350,000 billion rials ($1.16 billion) in the coming years.
“We have purchased 15 modern drilling rigs that will enter Iran in the next three months, of which five will be installed in the Sungun copper mine,” he said.
