TEHRAN – Iran exported 34.791 million tons of minerals and mining products worth $11.089 billion in the first 11 months of the current Iranian calendar year (March 21, 2021-February 29, 2023), IRNA reported.

The exports of the mentioned products during the said 11 months registered a four percent rise in terms of weight and a decline of five percent in terms of value as compared to the figures for the same period last year.

Steel and steel products were the top exported commodities in this sector, followed by copper and its byproducts, aluminum and related items, as well as other downstream products.

The Islamic Republic also imported 4.051 million tons of minerals and mining products worth $4.474 billion during the said 11 months.

The exports from mining sector were 35.5 million tons worth $9.963 billion in the first 10 months of the current Iranian calendar year (March 21, 2021-January 20, 2023).

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 for promoting the mining sector as a major contributor to the country’s economic growth.

Iran's proven iron ore reserves are 2.7 billion tons, while the country’s copper reserves are 2.6 billion tons. The country also has 11 million tons of zinc reserves.

The total proven reserves of Iran's mines are estimated at about 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 for helping the mining sector overcome its current problems and hit its ideal targets.

EF/MA