The National Iranian Copper Industries Company produced 267,016 tons of copper anode in the current fiscal year’s first nine months (March 21-Dec. 21), up 1% year-on-year, latest data released by the Iranian Mines and Mining Industries Development and Renovation Organization show.
Around 29,470 tons of copper anode were produced in the month ending Dec. 21, up 6% year-on-year.
An aggregate of 916,995 tons of copper concentrate were produced in the nine-month period, rising by 1% YOY.
During the nine months, output reached 103,517 tons, registering a 2% growth compared with the same period of last year.
The production of copper cathode hit 216,343 tons during the period under review, up 5% YOY.
Around 24,560 tons of copper cathode were produced during the ninth fiscal month, indicating a 6% growth compared with the same period of last year.
NICICO is a leading copper producer in the Middle East and North Africa region and its mines hold close to 14% of Asia’s copper deposits and about 3% of global reserves.
The functions of this company include extraction from copper mines to produce high-grade products such as cathode, slab, billet and 8-mm wires.
NICICO earned 260.46 trillion rials ($933 million) as net profit in the last Iranian year (March 2020-21), up 118% YOY.
The company’s sales volume stood at 419.4 trillion rials ($1.4 billion) during the year, up by 87% YOY.
Sarcheshmeh and Miduk in Kerman, and Sungun in East Azarbaijan are among the most important copper mines of the country.
Iran holds about 4 billion tons of estimated copper reserves, according to the Geological Survey of Iran.
According to the United States Geological Survey, Iran holds the world's ninth largest copper reserves.
A contract was signed between NICICO and Khatam Al-Anbia Construction Headquarters in September worth 80,000 billion rials ($286 million) for the annual production of 100,000 tons of copper cathode in Sungun Varzeqan Copper Complex in East Azarbaijan Province.
The project has the capacity to create direct jobs for 500 people and indirect jobs for 3,000 others, IRNA reported.
Sungun Complex is a subsidiary of NICICO and Khatam Al-Anbia is a major conglomerate in Iran. It is Iran’s largest copper mine with 1.5 billion tons of identified reserves.
“Sungun copper reserves have increased by 523 million tons in the past two years,” NICICO’s managing director was quoted as saying by IRNA.
According to Ardeshir Sa’d-Mohammadi, Sungun copper reserves were estimated at 320 million tons three to four years ago, but currently they have risen to 2 billion tons, of which the extraction of 1.3 billion tons is deemed “economically viable”.
According to the Majlis Industries and Mines Commission, the value of Sungun copper mine reserves stands at $320 billion, equivalent to 10 years of Iran's exports.
At the current rate, copper extraction from the Sungun mine will last 380 years and even if the current annual production of 300,000 tons of concentrate triples, it will take 130 years to complete extraction from the mine reserves, it added.
Sa’d-Mohammadi noted that investments in Sungun copper mine will exceed 350,000 billion rials ($1.25 billion) in the coming years.
“We have purchased 15 modern drilling rigs that will enter Iran in the next three months, of which five will be installed in the Sungun copper mine,” he said.
