Iran will need more than $30 billion in investment to achieve a targeted 13% growth in its mining and mineral industries under the country’s Seventh Development Plan, the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) said on Saturday.
The organization said the investment would cover the completion of unfinished mining projects, infrastructure expansion, and energy supply. If the goals are met, Iran’s mining sector could generate up to $15 billion in additional foreign currency revenues, IMIDRO said.
In the steel value chain, the plan includes adding production capacity of 9.5 million tons of concentrate, 15.5 million tons of pellet, 15.1 million tons of sponge iron, 1.8 million tons of crude steel, 10.5 million tons of steel sheet and 750,000 tons of rebar and coil.
In the copper industry, IMIDRO said Iran aims to raise capacity to 2.8 million tons of copper concentrate and 280,000 tons of copper cathode.
The aluminum sector’s plans include developing one million tons of alumina powder production, creating capacity for petroleum coke output, and activating Iran’s bauxite mine in Guinea.
IMIDRO also plans to raise the country’s gold bullion production capacity to 3,290 kilograms as part of its broader strategy to diversify and expand mineral output.