The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) and its subsidiaries carried out 207,000 meters of exploratory drillings during the first nine months of the current Iranian year (March 21-Dec. 21, 2022), 54,000 or 35% more compared with 54,000 meters in the corresponding period of last year, according to a senior IMIDRO official.
“IMIDRO and its subsidiaries invested 7.83 trillion rials in the exploration of iron ore, coal, polymetal, bauxite, etc. during the period, registering a 140% rise compared with 3.23 trillion rials in the same period of last year,” Ahmad Fattahi Mojallaj, IMIDRO’s manager of explorations, was quoted as saying by the news portal of the organization.
“The National Iranian Copper Industries Company drilled 131,900 meters in nationwide exploration for copper ore and Iran Alumina Company drilled 20,900 meters with the aim of exploring bauxite indices.”
IMIDRO is a major state-owned holding company active in the mining sector of Iran. Among its main subsidiaries are Al-Mahdi Aluminum Company, Esfahan Steel Company, Iranian Aluminum Company, Khouzestan Steel Company, Mobarakeh Steel Company and the National Iranian Copper Industries Company.
“Iran is home to 81 types of minerals with 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, metal minerals constitute 10-15% of total reserves and the rest are non-metallic minerals,” he added.
Iran’s standing recently rose to fifth place in terms of global ranking of copper reserves, following new discoveries across the country
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, NICICO’s vice president for development and exploration said recently, adding that until recently, the country held 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, has Iran’s largest reserves of copper.
Sarcheshmeh Copper Complex is the world’s second largest open-cast copper mine located in Kerman Province. 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.
Heavyweight local companies in the field of minerals and mining industries earned 1,345 trillion rials ($3 billion) in net profit during the first three quarters of the current Iranian year (March 21-Dec. 21), registering a 25% year-on-year decline.
According to new data released by IMIDRO, Mobarakeh Steel Company made the highest profit among the firms under review with 345 trillion rials ($770.04 million), down 33%.
The National Iranian Copper Industries Company came next with 310 trillion rials ($692.27 million), down 18%.
Chadormalu Mining and Industrial Company’s profit decreased by 23% to 140 trillion rials ($312.63 million). It was followed by Goharzamin Iron Ore Company with 108 trillion rials ($241.17 million) up 41% YOY; Golgohar Mining and Industrial Company with 66 trillion rials ($147.38 million) down 58% YOY; Khouzestan Steel Company with 39 trillion rials ($87.09 million), down 63% YOY; Hormozgan Steel Company with 31 trillion rials ($69.22 million), down 50% YOY; Iran Alloy Steel Company with 30 trillion rials ($66.99 million), up 50% YOY; Arfa Iron and Steel Company with 27 trillion rials ($60.29 million), up 66% YOY; South Kaveh Steel Company with 27 trillion rials ($60.29 million), up 32% YOY; and Iranian Aluminum Company with 18 trillion rials ($40.19 million), down 17% YOY.
