TEHRAN – The development of the copper industry and the support of the development plans of this sector can lead to bringing $10 billion of income for the country, the chairman of Iran Copper Association stated.

Regarding the amount of copper reserves and mining capacity of Iran, Bahram Shakouri said the reserves discovered in the country are 54 million tons, of which usually 50 percent can be extracted, underlining, “With this amount of reserve, we have a good position in the world.”

“Now, with the new discoveries, our position in terms of copper reserves in the world has improved, in a way that today we have reached six percent of the world's reserves from four percent in the past, and our position in the world has increased from the 8th to the 5th place”, he continued.

The chairman of the Iran Copper Association further said, “There is no balance between our reserves and production”, and continued: “We must go in the direction of extracting three to five percent of the reserves in accordance with our position. If we propose today that the industry can earn 10 billion dollars, it should be able to produce one million tons of copper cathodes, which is based on global norms.”

“Considering 54 million tons of reserves in the country, of which at least 27 million tons can be extracted, and we have three-five percent of the world's copper reserves, it is reasonable and logical to reach one million tons of copper cathode production, and if this does not happen, we have failed”, Shakouri reiterated.

“The world's movement towards the use of clean technologies and innovations will increase the consumption of non-ferrous metals such as copper, and in the coming years, there will be a need to supply copper up to four times today,” Shakouri had said last November.

The increase in demand will increase the price of copper, and accordingly, we must move towards completing the copper chain in Iran, he added.

“Today, the copper chain is complete with cathode production in the country, while more than 50 percent of the copper cathode is being exported, and if we can create more added value in this sector, we will have more exports and gain more revenue,” Shakouri concluded.

Copper cathode is the primary raw material input for the production of copper rods for the wire and cable industry.

Being located on the Alpine-Himalayan orogenic belt, of which about 12.5 percent is located in Iran, the country should contribute greatly to the fourfold increase in the world’s copper production by 2050, Shakouri has stated.

Stressing the need for planning to increase Iran's share in the world’s copper production, he added: "To increase our share in the global copper production in the 2050 horizon, we must develop both exploration and extraction and discover new world-class reserves.”

Also in mid-March, the head of the National Iranian Copper Industries Company (NICIC) said the country’s copper production is going to reach one million tons in the next six years.

Ali Rostami noted that in the case of reaching the above-mentioned output, the country’s copper export is also going to hit $10 billion.

MA