Economy, Business And Markets

New Explorations Add to Mine Reserves

New Explorations Add to Mine ReservesNew Explorations Add to Mine Reserves

Based on the latest exploration operations carried across the country, as much as 30 million metric tons of gold, 90 million metric tons of iron ore, and 120 million metric tons of coal have been added to the country’s proven mine reserves, IRNA reported Friday.

The exploration operations jointly carried out by the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), the ministry of industry, mine, and trade, and the Geological Survey of Iran during the first 9 months of the Iranian calendar year (starting March 21, 2014) have significantly increased compared to the similar period last year.

Expansion of activities in exploration of mines include a 264% increase in excavations, a 415% growth in drilling core samples, a 312% in drilling boreholes, and a 291% increase in geophysics, said IMIDRO report.

A comprehensive plan to nationally explore new mines is part of a three-year project which started a year ago and will cover 200,000 square kilometers, mainly high-potential regions where geological, geochemical, and geophysical characteristics are favorable for resource occurrence.

The budget allocated to mine exploration over the past decades has been too tight and the private sector has not been able to single-handedly perform costly and complicated operations. On the contrary, the administration headed by President Hassan Rouhani, has emphasized the need for explorations and aerial geophysical surveys to make the best use of the massive potential at mining sector.

Iran has more than 57 billion metric tons of proven reserves. The ongoing extractions are based on exploration operations performed in the depths of between 50 and 300 meters, which are expected to go beyond 700 meters.