Economy, Domestic Economy

Mining Slump

Mining SlumpMining Slump

Over 80% of Iran’s mines have either gone out of business or are operating below capacity, while those still in the business are state-owned and barely making a profit, the head of the Mining and Mineral Industries’ Commission of Iran Chamber of Commerce, Industries, Mining and Agriculture said. “The global falling commodity prices have rendered many mining operations inside the country uneconomical,” Bahram Shakouri was quoted as saying by Tasnim News Agency. According to the official, the underdeveloped transportation infrastructure has also prevented miners from turning to exports, as the high transportation costs prevent domestic miners from competing in international markets. “Miners are eventually forced to process their products and sell them to downstream industries at cheap prices,” he added.