TEHRAN- Iran produced 712,685 tons of copper concentrate in the first seven months of the current Iranian calendar year (March 21-October 22), which was one percent more than the output in the same period of time in the past year.

Also, the monthly copper concentrate production indicates a four-percent year-on-year growth to stand at 111,060 tons in the seventh month of the present year.

The periodical reports and statistics indicate that Iran’s metals sector is progressing both in terms of production and export despite the limitations imposed by the U.S. sanctions.

The country’s copper industry is moving forward noticeably, as some outstanding projects are implemented.

In early April, the managing director of National Iranian Copper Industries Company (NICIC) announced the discovery of one billion tons of new copper reserves in the country.

NICIC carried out 101,000 meters of deep drilling to identify new copper reserves across the country in the previous Iranian calendar year (ended on March 20), which resulted in the discovery of one billion tons of new reserves, Ardeshir Sa'd-Mohammadi said in a press conference.

Sa’d-Mohammadi put the value of the discovered reserves at 350 trillion rials (about $8.3 billion).

According to the official, NICIC had also discovered 523 million tons of copper reserves across the country during the Iranian calendar year 1398 (March 2019- March 2020).

Considering the new discoveries, NICIC’s total copper reserves across the country have currently surpassed eight billion tons.

The official put the country’s total copper reserves at 40 billion tons, saying that Iran currently has the world’s seventh-largest copper reserves, and hopefully the country will climb to sixth place in the current Iranian calendar year.

Pointing to the NICIC’s new projects for the current year, he noted that three major copper-related projects will go operational in the current year which is going to add more than 400,000 tons to the country’s copper concentrate output, boosting the company’s annual incomes by $800 million.

According to Sa’d-Mohammadi, NICIC has defined more than €2.4 billion plus 300 trillion rials (about $7.1 billion) worth of projects to be implemented over the next four years, which will increase the company’s total copper concentrate capacity to 2.3 million tons.

He further noted that the country’s copper exports increased in the previous year despite the negative impacts of the coronavirus pandemic and the U.S. sanctions.

Also, earlier this month, the official said his company has it on the agenda to be placed among the world’s top 10 copper-producing companies within the next four years.

Stating that NICIC is currently in a good position, he noted that with new discoveries, the company is on a good upward path.

MA/MA