Tehran Stock Exchange-listed mining companies earned 3.75 quadrillion rials ($11 billion) in sales during the first seven months of the current Iranian year (March 21-Oct. 22), registering a 17% year-on-year rise in rial terms.
According to data released by Iranian Mines and Mining Industries Development and Renovation Organization, Mobarakeh Steel Company saw the highest volume of sales during the period with 910.81 trillion rials ($2.67 billion), up 16% YOY.
MSC is the biggest steelmaker in Iran and the Middle East and North Africa region, accounting for about half of the country's steel production.
The National Iranian Copper Industries Company came next with 450.1 trillion rials ($1.32 billion), up 11% YOY.
NICICO is a leading copper producer in the MENA region and its mines hold close to 14% of Asia’s copper deposits and about 3% of global reserves.
It was followed by Khouzestan Steel Company (Iran’s biggest steel exporter) with 277.86 trillion rials ($817.23 million), up 19% YOY, Esfahan Steel Company with 245.37 trillion rials ($721.67 million), up 28% YOY, and Chadormalu Mining and Industrial Company with 238.47 trillion rials ($701.38 million), down 6% YOY.
The sales of mining firms in the seventh month of the year (Sept. 23-Oct. 22) hit 468.98 trillion rials ($1.41 billion), registering a 14% YOY fall.
Mobarakeh Steel Company also had the highest volume of sales during the month with 107.25 trillion rials ($315.44 million) up 9% YOY. It was followed by NICICO with 52.83 trillion rials ($155.38 million), down 23% YOY.
The sales of mining firms during Sept. 23-Oct. 22 hit 468.98 trillion rials ($1.41 billion), registering a 14% YOY fall
Khouzestan Steel Company came next with 40.01 trillion rials ($117.67 million), registering a 29% YOY decline; Chadormalu Mining and Industrial Company with 31.29 trillion rials ($92.02 million), unchanged YOY; and Esfahan Steel Company with 30.29 trillion rials ($89.08 million), down 39% YOY.
The IMIDRO report shows the approximate share of minerals and mining firms in the aggregate sales volume of all TSE-listed companies was 17% during the seven-month period.
Iran is home to 81 types of minerals and reserves totaling 37-40 billion tons, according to Alireza Shahidi, the head of Geological Survey and Mineral Exploration of Iran.
“Construction materials, including gravel, rubble stones, sand and different types of stones, account for 62% of Iran’s mineral reserves, metallic minerals constitute 10-15% of total reserves and the rest are non-metallic minerals,” he added.
According to the United States Geological Survey, Iran holds the world's largest zinc, ninth largest copper, 10th largest iron ore, fifth largest gypsum and barite, and 10th largest uranium reserves.
Overall, Iran is home to more than 7% of global mineral reserves.
Notably, Iran’s standing rose to fifth place in terms of global ranking of copper reserves, the Vice President of Development and Exploration of the National Iranian Copper Industries Company said recently, adding that until recently, the country had the seventh largest copper reserves in the world.
“With recent discoveries in Sungun and the addition of 1 billion tons of new reserves to the mine in East Azarbaijan Province, as well as the discovery of new reserves in other mines of the company, including Sarcheshmeh, Miduk and a new mine near Sarcheshmeh in Kerman Province, the volume of the company's copper reserves has increased from 18 billion tons to 19 billion tons,” Behrouz Rahmati was also quoted as saying by Fars News Agency.
Sungun Complex, located in East Azarbaijan Province, is Iran’s largest copper mine.
Sarcheshmeh Copper Complex is the world’s second largest open cast copper mine located in Kerman Province of Iran. It also contains substantial amounts of molybdenum, gold and other rare metals.
“According to the United States Geological Survey’s latest report, following these explorations, the ranking of our country has risen to fifth place after Chile, Australia, Peru and Russia,” Rahmati said.
