TEHRAN - Iranian Industry, Mining and Trade Minister Reza Rahmani said the value of the country’s minerals and mining industry products is expected to reach $21 billion in the current Iranian calendar year (ends on March 19, 2020), ILNA reported.

According to the official, the value of the mentioned commodities stood at $20 billion in the past calendar year (ended on March 20, 2019) and considering the data for the current year’s first half, the $21-billion goal is quite reachable.

Rahmani noted that Iran’s mining industry has witnessed great developments in recent years, adding that “Currently, the country’s capacities and production chains in the steel and copper sectors are in balance.”

“In the past few years, Iran was exporting 23 million tons of iron ore every year, however, the figure fell to eight million tons in the past year. This is an indication of a decline in selling raw minerals and an increase in production of commodities with higher value-added and more domestic consumption,” he said.

According to the official, the capacity of the country's mines is large enough that it can be considered a serious alternative for replacing oil revenues in the future.

Last week, Rahmani put the country’s minerals extracted in the past Iranian calendar year at 500 million tons.

Speaking in a conference on Iran’s mining exploration development, opportunities and challenges in Tehran, he noted that his ministry has implemented several programs for promoting domestic production and increasing exports in the current Iranian calendar year.

EF/MA