Tehran Stock Exchange-listed mining companies earned 5.66 quadrillion rials ($10.67 billion) in sales during the first 11 months of the current Iranian year (March 21, 2022-Feb. 19), registering an 11% 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 1.39 quadrillion rials ($2.62 billion), up 8% 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 state-owned company is located 65 km southwest of the city of Isfahan, near the city of Mobarakeh. It is one of the largest industrial complexes operating in Iran. MSC was commissioned after the Islamic Revolution in 1979 and initiated operations during 1993. It underwent major revamping in 2000.
MSC's products consist of hot- and cold-rolled sheets and coils, pickled coils, narrow strip coil, tinplate sheet and coil galvanized coil, pre-painted coil and slabs that are produced according to national and international standards.
They meet the needs of automotive, home appliance, pipe making, food, chemical, medical packing, construction, transportation, naval and heavy metal equipment industries.
The National Iranian Copper Industries Company followed with more than 747.62 trillion rials ($1.41 billion), up 5%.
NICICO 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. It was followed by Khouzestan Steel Company with 454.13 trillion rials ($856.84 million), up 9%; Esfahan Steel Company with 407.3 trillion rials ($768.49 million), up 29%; and Chadormalu Mining and Industrial Company with more than 371.33 trillion rials ($700.62 million), down 10%.
The sales of mining firms in the 11th month of the year (Jan. 21-Feb. 19) hit 610 trillion rials ($1.15 billion), up 22% YOY.
Mobarakeh Steel Company also had the highest volume of sales during the month with 122.33 trillion rials ($230.81 million) up 7%. It was followed by NICICO with 102.32 trillion rials ($193.05 million), up 46%.
Esfahan Steel Company came next with 53.82 trillion rials ($101.54 million), registering a 47% rise; Khouzestan Steel Company with 49.94 trillion rials ($94.22 million), up 34%; and Chadormalu Mining and Industrial Company with 32.21 trillion rials ($6077 million), up 8%.
The sales of mining firms during Jan. 21-Feb. 19 hit 610 trillion rials ($1.15 billion), up 22% 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 nine-month period.
The mining firms sold 5.54 quadrillion rials ($10.45 billion) of their products in the last Iranian year (March 2021-22), registering a 71% growth compared to the year before.
According to IMIDRO, Mobarakeh Steel Company saw the highest volume of sales during the period with 1.43 quadrillion rials ($2.69 billion), up 85%.
The National Iranian Copper Industries Company came next with 789 trillion rials ($1.48 billion), up 89%. It was followed by Khouzestan Steel Company (Iran’s biggest steel exporter) with 502 trillion rials ($947.16 million), up 64%; Golgohar Mining and Industrial Company with 477 trillion rials ($900 million), up 63%; and Esfahan Steel Company with 350 trillion rials ($660.37 million), up 75%.
The approximate share of mining and mining firms in the aggregate sales volume of all TSE-listed companies was 21% in the fiscal 2021-22.
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 said.
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.
