Economy, Business And Markets

IMIDRO Support for Downstream Mineral Industries

IMIDRO Support for Downstream Mineral IndustriesIMIDRO Support for Downstream Mineral Industries

Supporting downstream industries and completing the production chain of the mining sector were described by the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) as the group’s major strategic plans.

“Boosting production in the mining and mineral industries is among the major objectives pursued by IMIDRO. To achieve this the organization has held negotiations with domestic and foreign investors to absorb finances for mineral projects,” IRNA quoted IMIDRO’s website as reporting.

IMIDRO, as the country’s major state-owned holding company active in the mining sector, is concentrating its efforts on establishing economic balance in major mines by supporting the downstream industries as well as offering incentives to attract investment in mining projects.

One example of such mining projects is the South Aluminum Company (SALCO) in Lamerd city in the southern province of Fars, with an annual aluminum production capacity of 300,000 metric tons, which is set to be undertaken by a Chinese contractor. The SALCO project has been financed by IMIDRO and Ghadir Investment Company. The factory, which has high-tech machinery and advanced production technology, will be completed within the next three years.

Based on the country’s Vision Plan, Iran aims at producing 1.5 million tons of aluminum ingots per year by 2025. Nearly 300,000 tons of aluminum ingots were produced over the past Iranian year (ended March 20, 2014), indicating 7.9% production growth compared to a year before. The production of alumina —the most commonly occurring of several aluminum oxides—reached 248,500 tons during the period, a 9.2% growth compared to the previous year.