2 Copper Projects Worth $340m to Come on Stream

Iranian Mines and Mining Industries Development and Renovation Organization plans to establish $340 million worth of copper projects during the second half of the current fiscal year (starting Sept. 23, 2018-March 20, 2019), IMIDRO’s chairman said. The projects include two sulfuric acid plants at Sarcheshmeh Copper Complex and Khatoon Abad Copper Refinery in Kerman Province, with investments worth $190 million and $150 million respectively. Both plants will be launched by the National Iranian Copper Industries Company, IMIDRO’s website announced. NICICO is the leading copper producer in the Middle East and North Africa region. It operates the world’s second largest and the Middle East’s largest open-pit copper mine, Sarcheshmeh. The mine has over 826 million tons of proven and 1.2 billion tons of estimated copper reserves, alongside substantial amounts of minerals such as molybdenum, gold and rare metals. Iran holds about 4 billion tons of estimated copper reserves, the Geological Survey of Iran reported.