Approaching Depletion of Iron Ore Reserves Giving Cause for Concern

Iran is only 14 years short of seeing the depletion of its iron ore reserves, which experts blame on the high extraction and difficulties in processing the mineral. 
Some of the country’s open iron ore reserves are already running out. 
The total proven reserves of iron ore in Iran are estimated to stand at 3.3 billion tons. However, 160 million tons of iron ore are needed to achieve the 20-Year Vision Plan’s (2005-25) target of 55 million tons of annual steel production, Jahan-e Sanat reported.
The Supreme Audit Court of Iran expressed concerns about the depletion of the country’s iron ore reserves in a report released in spring. Lack of new discoveries has led to a shortage of raw materials needed by steel mills. Therefore, expansion of explorations is a must.