Economy, Business And Markets

Mineral Reserves Worth $770b

Mineral Reserves Worth $770bMineral Reserves Worth $770b

Deputy head of Geological Survey of Iran (GSI) for exploration affairs, Behrouz Borna said on Tuesday that three percent of the world’s mineral resources are found in Iran, which are estimated at $770 billion in value.

The official made the remarks in the National Geosciences Conference, which was held in West Azerbaijan Province with focus on Lake Urmia, IRNA reported.

Noting that mining in Iran is underdeveloped, Borna said while the mining industry has a 200-year history globally, in Iran, the GSI was established only about 50 years ago.

Iran currently extracts 3 metric tons of gold annually, said the official, adding that the annual rate of gold extraction must increase to 25 tons, considering the vast mineral resources, particularly in the West-Azerbaijan Province.

 150,000 Tons of Gold Deposits

According to Borna, the northwestern province has vast mineral regions and is considered to be home to the country’s largest gold reserves, estimated at about 150,000 tons.

“More than 50 regions with traces of gold deposits have been identified in the West-Azerbaijan Province,” said the GSI deputy head, who expressed hope that the northwestern province’s mineral capacities can be better explored following the establishment of GSI headquarter in the province.

 8b Tons of Mineral Reserves  

Elsewher, the deputy GSI head announced on Tuesday that East Azerbaijan province has 8 billion tons of mineral reserves, Fars news agency reported.

Noting that the province is regarded as one of the most important mineral regions in the country, the official said the GSI plans to extend its aerial surveys in the province in a bid to discover new mineral resources.

Iran is one of the most important mineral producers in the world, ranked among 15 major mineral-rich countries, holding some 68 types of minerals. Coal, metallic minerals, chemical minerals, precious stones and salt are among the most important minerals in the country.

Recent mining explorations carried out over more than 70,000 square kilometers of the country as part of a collaboration between the GSI, ministry of industry, mine and trade, and the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) led to the discovery of more than 250 million metric tons of iron ore reserves as well as 150 million tons of coal in the previous Iranian calendar year (ended March 20).

According to deputy minister of industry, mine, and trade, Mehdi Karbasian, the explorations are to continue in the current Iranian year, expanding to the western provinces of Kurdistan, Zanjan, and West Azarbaijan, to eventually cover more than 210,000 square kilometers of the country.