New mineral reserves worth over $28b discovered in Iran in 8 years

TEHRAN – Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO)’s data shows that new mineral reserves worth over $28.7 billion have been discovered across the country over the past eight years.

According to IMIDRO’s latest exploration data, over 977 million tons of new iron ore reserves, 496 million tons of new coal reserves, and 182 tons of new gold reserves have been identified from the Iranian calendar year 1392 (started on March 21, 2013) up to the Iranian calendar year 1400 (ended on March 20, 2022).

Also, in the mentioned eight years, 14 million tons of new lead reserves and six million tons of new zinc reserves have been discovered.

Other mineral reserves including brine (363 million tons), barite (103 million tons), rare earth elements (85 million tons), bauxite (17 million tons), and antimony (six tons) have also followed the same upward trend.

Having 81 different types of minerals, Iran is one of the top 10 mineral-rich countries across the globe. In this regard, the Iranian government has been seriously pursuing several programs for promoting the mining sector as a major contributor to the country’s economic growth.

Iran’s proven iron ore reserves are 2.7 billion tons, while the country’s copper reserves are 2.6 billion tons. The country also has 11 million tons of zinc reserves.

The total proven reserves of Iran’s mines are estimated at about 60 billion tons, which is expected to reach more than 100 billion tons with the implementation of the Industry, Mining, and Trade Ministry’s exploration programs over 500,000 square kilometers of new mineral zones.

Despite the country’s huge potential in this area, due to some issues like the lack of necessary machinery and equipment and the lack of access to financial resources and foreign investment because of the U.S. sanctions, the Iranian mining sector has been struggling to operate at its maximum capacity over the past few years.

So, the government programs for promoting this industry are mainly focused on relying on domestic sources for helping the mining sector overcome its current problems and hit its ideal targets.