Tehran Stock Exchange-listed mining companies earned 6.39 quadrillion rials ($12.47 billion) in sales in the last Iranian year that ended on March 20, 2023, registering a 10% rise compared to the year before in rial terms.
Considering the sharp devaluation of the national currency last year, the sales volume is much lower than the preceding year’s in terms of dollar.
Data released by Iranian Mines and Mining Industries Development and Renovation Organization show Mobarakeh Steel Company saw the highest volume of sales during the period with 1.58 quadrillion rials ($3.08 billion), up 9%.
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 manufacturing, food, chemical, medical packing, construction, transportation, naval and heavy metal equipment industries.
The National Iranian Copper Industries Company followed with more than 883.29 trillion rials ($1.72 billion) in sales, up 9%.
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 530.63 trillion rials ($1.03 billion), up 6%; Esfahan Steel Company with 451.42 trillion rials ($881 million), up 29%; Golgohar Steel Company with 415.78 trillion rials ($811.45 million), down 15%; and Chadormalu Mining and Industrial Company with more than 410.62 trillion rials ($801.38 million), down 10%.
The sales of mining firms in the 12th month of the year (Feb. 20-March 20) hit 835.65 trillion rials ($1.63 billion), up 36% YOY.
Mobarakeh Steel Company also had the highest volume of sales during the month with 188.74 trillion rials ($368.35 million), up 54%. It was followed by NICICO with 136.87 trillion rials ($271.02 million), up 34%.
Khouzestan Steel Company came next with 76.5 trillion rials ($149.3 million), up 53%; Golgohar with 63.75 trillion rials ($124.41 million), up 165%; South Hormozgan Steel Company with 44.53 trillion rials ($86.9 million), up 161%; and Esfahan Steel Company with 44.12 trillion rials ($86.16 million), down 18%.
The IMIDRO report shows the approximate share of minerals and mining firms in the aggregate sales volume of all TSE-listed companies was 18%.
The mining firms sold 5.54 quadrillion rials ($10.81 billion) of their products in the fiscal 2021-22, registering a 71% rise compared to the year before.
Mineral Riches
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.
