The National Iranian Copper Industries Company’s sales grew by 101% in the current fiscal year’s first 10 months (March 20-Jan. 20) compared with last year’s similar period, according to the company’s managing director.
“During this period, the company earned 628.47 trillion rials [$2.28 billion] from the sale of its products,” Ardeshir Sa’d-Mohammadi was also quoted as saying by MesPress.
“NICICO sales stood at 76.59 billion rials [$278 million] in the 10th month of the year [Dec. 22-Jan. 20],” he added.
The official noted that the company exported 19,114 tons of copper cathodes in the month under review.
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, among others: copper extraction and mine operation, as well as production of high-grade copper products such as cathode, slab, billet and 8-mm wires.
NICICO earned 260.46 trillion rials ($947 million) in net profit in the last Iranian year (March 2020-21), up 118% YOY.
The company’s sales volume stood at 419.4 trillion rials ($1.5 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 in September worth 80,000 billion rials ($290 million) for the annual production of 100,000 tons of copper cathode in Sungun Varzeqan Copper Complex, located in East Azarbaijan, between NICICO and Khatam Al-Anbia Construction Headquarters.
The project has the capacity to create direct employment for 500 people and indirect employment 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 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 1.3 billion tons are deemed “economically viable”.
