TEHRAN - The managing director of the National Iranian Copper Industries Company (NICICO) said the company has conducted 240,000 meters of exploratory excavation since the beginning of the current Iranian calendar year (March 21) which is 20 percent more than the figure for the previous year.

According to Amir Khorami-Shad, NICICO’s total exploratory excavation conducted in the current Iranian calendar year (ends in late March 2024) is expected to increase by 50 percent compared to the previous year, IRIB reported.

The official said the company managed to conduct 200,000 meters of exploratory drilling in the previous year.

Back in June, NICICO’s former head Ali Rostami said the company was following a new program to increase its annual revenues to $10 billion.

According to Rostami, based on the mentioned program, the country’s production capacity is going to increase by threefold and more than 50,000 people will be working in the industry.

Earlier in March, Rostami said the country’s copper production is going to reach one million tons in the next six years.

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

According to Rostami, NICICO managed to export $1.6 billion worth of copper products in the Iranian calendar year 1400 (ended on March 20, 2022).

Iran saw its copper exports double in that year despite a series of bitter sanctions imposed by the United States aimed at hampering the Islamic Republic’s trade of lucrative metals.

EF/MA