BAKU, Azerbaijan, July 12. Iran’s Mines and Mining Industries Development and Renovation Organization (IMIDRO) has unveiled a new cost-saving initiative aimed at strengthening domestic production, projecting savings of $893 million in the current year (from March 21, 2025, through March 20, 2026).
Data obtained by Trend from the IMIDRO indicates that the program involves collaboration with 13 major companies in the country’s mining industry.
Among them, Khuzestan Steel Company plans to save $397 million, while Mobarakeh Steel Company and National Iranian Copper Industries Company aim to cut $250 million and $70 million, respectively. Other participating firms include Gol Gohar Mining and Industrial Company, contributing $34.1 million in savings, and the Minerals Production and Supply Company (IMPASCO), saving $33.7 million.
Gohar Zamin Iron Ore Company and Hormozgan Steel Company will save $30.1 million and $26 million, respectively. Other contributors include Kurdistan Steel Company ($18 million), National Steel Company ($12.5 million), Sangan Steel Company ($7.5 million), Khorasan Steel Company ($5.3 million), Iran Alumina Company (IAC) ($4.3 million), and South Aluminum Company ($2.5 million).
To note, domestic manufacturing of equipment and supplies in the mining sector led to savings of $882 million in the last Iranian year (from March 20, 2024, through March 20, 2025). Over the past four years, total savings in the sector have reached $3.44 billion.
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