News ID: 256076
Published: 0251 GMT July 20, 2019

Iran’s three-month copper sales over $1.2b

Iran’s three-month copper sales over $1.2b

The National Iranian Copper Industry Company (NICIC) made sales worth $1.21 billion during the first three months of the current Iranian year (March 21-June 21), said the CEO of NICIC Ardeshir Sa’d Mohammadi.

According to Sa’d Mohammadi, this figure exceeds the total revenue made in the copper industry last year by more than half, Trend News Agency reported.

Sa’d Mohammadi added that presently, $12,500 of investments are needed for every ton of copper in the world, while in Iran, about $8,000 of investments are needed. "Therefore, Iran has a great advantage in terms of investments in the copper industry," he noted.

He said that the sum of investments made to the copper industry by NICIC and other domestic and foreign companies has amounted to €1.8 billion.

The CEO added that it is expected that production will reach 540,000 tons this year due to the commissioning of new projects.

“The current reserves of the NICIC are estimated at 2.2 billion tons of copper. This figure will increase with the discovery of new reserves. Therefore, the currently available reserves will last for 50 years, while the discoveries of new reserves will prolong that period to 100 years,” he said.

Iran produced 298,000 tons of copper during the last Iranian year (ended on March 20, 2019).

 

   
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