Economy, Business And Markets

10.5% Growth in Mining Sector

10.5% Growth in Mining Sector10.5% Growth in Mining Sector

The mining sector experienced a 10.5% growth during the first half of the current Iranian year (to end March 20), Shata news agency cited a deputy minister of industry, mine, and trade as saying.

Hossein Abooei said the considerable growth in the mining sector comes as the industry sector grew 6.5% in the six-month period.

The official added that the exploitation licenses issued for mines by the ministry increased by 20% in number during the first three quarters of the year compared to the similar period last year.

According to Abooei, the greatest achievement of the ministry has been to harness the turmoil and control the troublesome fluctuations in the industrial and mining sectors.

The mining sector registered -0.3% growth during the first half of the Iranian year 1392 (March 21, 2013-September 22, 2013), reaching 0.9% growth by March 20, 2014. The latest statistics show that the mining sector tops agriculture, oil, and industry sectors with 3.2%, 9.2%, and 7.2% growths respectively.

According to Abooei, out of 45 major mining and industrial products, 31 experienced growth in production by 2% to 150% while the production of 14 products declined by 3% to 38% during the first three quarters of the year.

The mining sector is expected to witness further improvements in the coming months regarding the huge investments made by the private sector as well as foreign investors.