News ID: 112294
Published: 0333 GMT February 22, 2015

Proven mineral reserves valued at $770b

Proven mineral reserves valued at $770b

The value of Iran's proven mineral reserves, extending over only seven percent of the country's total area, exceeds $770 billion.

Announcing this, Mohammad-Reza Bahraman, the deputy head of Iran Mine House, said Iran's proven mineral reserves currently amount to 60 billion tons whereas three percent of the world's mineral reserves are located in Iran, IRNA reported.

Due to the lack of a favorable geological structure, knowledge and information about the country's reserves and facilities to conduct exploration activities, the country has not been able to discover more mineral reserves, he added.

Bahraman said during November 22-December 22, 2013, Iranian Mines & Mining Industries Development & Renovation Organization (IMIDRO), Geological Survey of Iran (GSI) and the Ministry of Industries, Mines and Trade in an MoU agreed to conduct exploration activities over an area of 200,000 square kilometers in the eastern regions of the country. It has already undertaken exploration activities in an area of 135,000 square kilometers, he pointed out.

As stipulated in the budget bill of the year to start mid-March 2015, $18.75 million is to be allocated for GSI's activities which is not sufficient, he noted.

"Domestic and foreign investments in the mining sector need to be increased as this can offset budget shortage caused by the decline in oil prices."

He added currently, 30 percent of the country's financial cycle pertains to the mining sector.

"Figures show that 30 percent of domestic investments, 32 percent and 46.5 percent of the country’s non-oil and industrial exports respectively, and more than 30 percent of the value of the assets of the domestic stock exchange market pertain to the mining sector."

Iran ranks 10th in the world in terms of the diversity of mineral reserves. It is among 15 mineral-rich countries and exports industrial and mineral products to 159 countries, including Iraq, China, the UAE, India and Afghanistan.

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