TEHRAN - The head of the Geological Survey and Mineral Exploration of Iran (GSI) has said the country’s iron ore reserves currently stand at 3.8 billion tons, adding that the figure can increase with new exploration.

Speaking to IRIB, Alireza Shahidi said the mentioned figure would be enough to meet the country’s needs for the next 14 to 15 years.

“Of course, if our consumption increases compared to extraction, this amount of reserves will certainly be exhausted in less time,” he added

Having 81 different types of minerals, Iran is one of the top 10 mineral-rich countries across the globe. In this regard, the Iranian government has been seriously pursuing several programs to promote the mining sector as a major contributor to the country’s economic growth.

The total proven reserves of Iran's mines are estimated at 60 billion tons, which is expected to reach more than 100 billion tons with the implementation of the Industry, Mining, and Trade Ministry’s exploration programs over 500,000 square kilometers of new mineral zones.

Despite the country’s huge potential in this area, due to some issues like the lack of necessary machinery and equipment and the lack of access to financial resources and foreign investment because of the U.S. sanctions, the Iranian mining sector has been struggling to operate at its maximum capacity over the past few years.

So, the government programs for promoting this industry are mainly focused on relying on domestic sources to help the mining sector overcome its current problems and hit its ideal targets.

EF/