The National Iranian Copper Industries Company and its subsidiaries, including Sungun Complex, Miduk Complex and Sarcheshmeh Copper Complex, produced a total of 324,161 tons of copper anode during the first 11 months of the current Iranian year (March 20-Feb. 19), up 18% compared with last year’s similar period.
The data were released in Iranian Mines and Mining Industries Development and Renovation Organization’s latest report.
Around 31,446 tons of copper anode were produced in the month to Feb. 19, up 5% year-on-year. Sarcheshmeh accounted for the largest portion of the output during the 11th month of the Iranian year.
An aggregate of 1.09 million tons of copper concentrate were produced during the 11 months under review, unchanged compared with the same period of last year. Sarcheshmeh Copper Complex produced the largest share of the total output.
The output during the month to Feb. 19 stood at 100,016 tons, marking a 9% growth compared with the same period of last year.
Production of copper cathode hit 255,780 tons in the 11-month period, up 14% YOY.
Around 24,667 tons of copper cathode were produced during the 11th month of the fiscal year, indicating a 30% growth compared with the same period of last year.
A total of 6,094 tons of molybdenum were produced during the 11-month period, IMIDRO data show. As per the figures, molybdenum output experienced a 21% fall compared with the previous year's corresponding period.
Molybdenum output in the month ending Feb. 19 amounted to 601 tons, down 21%.
High Expectations
The National Iranian Copper Industries Company’s officials expect higher growth in the company's annual output, considering huge investments of late in the industry.
"The growth in copper anode production is expected to reach 16% by the end of the current fiscal year [March 20] … We have started 29 projects with a total investment of €2.5 billion, which are expected to help boost NICICO's capacity to 550,000 tons by March 2024," Managing Director of NICICO Ardeshir Sa'd-Mohammadi told ILNA.
NICICO's sales hit a record high of 311.914 trillion rials ($1.2 billion) during the first 10 months of the current Iranian year, to witness a staggering rise of 70% compared to the year before.
According to Sa'd-Mohammadi, the company’s monthly sales stand at 32.192 trillion rials ($123 million), which are 18% higher than the corresponding period of last year.
According to the United States Geological Survey, Iran holds the world's ninth largest copper reserves.
Iran holds about 4 billion tons of estimated copper reserves, according to the Geological Survey of Iran.
NICICO plans to increase copper concentrate output by 900 million tons to reach 2 million tons in the medium-term. Concentrate production capacity of the company is set to reach 2.6 million tons in NICICO's 2030-31 Development Plan.
The company is now the leading copper producer in the Middle East and North Africa region, as it holds close to 14% of Asia’s copper deposits and more than 4% of global reserves.
Iran’s copper mines make up 4.15% of the global reserves. Iran's major Sungun Copper Mine’s reserves exceed 1.2 billion tons while those of Miduk Copper Mine surpass 500 million tons.
Taking into account the development of copper mines of Der Alo Copper Mine, Darezar Copper Mine and Khatoonabad (all three in Kerman Province) as well as new explorations, Sa'd-Mohammadi believes the country’s copper reserves will last for the next 100 years.
According to IMIDRO, during the first three quarters of the current fiscal year, steel topped the list of Iran’s mineral exports in terms of value with $2.17 billion and was followed by copper with $665.8 million and cement with $268.8 million.
Exports of copper and downstream products in the fiscal 2019-20 stood at 365,070 tons worth $917.53 million, down by 52% in tonnage and up by 13% in value YOY.
Copper and downstream products’ imports stood at 1,870 tons worth $17.42 million, indicating a 93.3% and 90.7% decrease in tonnage and value respectively YOY.
Copper and downstream products were the third major mineral commodity on the list of the country’s mineral trade.
