0713 GMT September 26, 2022
Latifi said Iran’s mining exports have increased by 73% in value terms over the past calendar year to reach a total of $12.291 billion, Press TV reported.
He said the annual surge came as shipments had increased by only 5% in volume terms to 45.4 million tons.
IRICA figures showed mining was responsible for 37% of the weight of Iran’s non-oil exports over the year to late March.
Iran started to encourage increased activity in its mining and metals sector in 2018 after the country’s direct exports of crude oil came under American sanctions.
Increased mining exports have diversified Iran's income streams while enabling the country to boost economic growth and create more jobs for its youth population.
The surge in activity in Iran’s mining and metals sector has come despite the fact that the United States imposed severe sanctions on the country’s trade of metals in 2019.
Latest government figures show Iran holds around seven percent of the world’s mineral reserves at an estimated value of $770 billion.
A mining export milestone of around 122 million tons reported for Iran over the calendar year to late March came as the country’s total output of mining products reached around 617 million tons over the same period.