BAKU, Azerbaijan, Sept. 14
By Elnur Baghishov – Trend:
Investment in the Sungun Copper Complex in the East Azerbaijan Province (northwestern Iran) will reach 350 trillion rials (about $8.33 billion) in the coming years, the Managing Director of the National Iranian Copper Industries Company (NICICO), Ardashir Sad Mohammadi said, Trend reports referring to IRNA.
He made the remark in the signing ceremony of a contract on the construction of copper plants in the complex.
The director said that the current investment in the complex is 240 trillion rials (about $5.71 billion).
Sad Mohammadi added that the net income of the Sungun copper complex is 74 trillion rials (about $1.76 billion) annually.
According to him, the total reserves of the Sungun copper complex were estimated at 320 million tons 3-4 years ago. At present, this figure reaches 2 billion tons, and the extraction of 1.3 billion tons of it is economically viable.
The director stressed that the National Iranian Copper Industries Company has recently purchased 15 drilling rigs, which will be delivered to the country within the next 3 months. Five of them will be located at the Sungun copper complex.
“Iran currently ranks 7th in the world in terms of copper reserves. Given current exploration operations and copper production, Iran is expected to rise to 6th place next year,” he noted.
As reported, on Sept. 14, 2021, the National Iranian Copper Industries Company signed a contract worth 80 trillion rials (about $1.9 billion) with the Khatam al-Anbiya Construction Headquarters related to building plants at Iran's Sungun copper complex.
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