BAKU, Azerbaijan, November 6. The investment in mining developments in Iran has increased by 19.5 percent in the current Iranian year (from March 20, 2024, through March 20, 2025) compared to last year (March 20, 2023, through March 19, 2024), Iran's Deputy Minister of Industry, Mines and Trade, and Head of the Presidium of the Organization for Development and Modernization of Mining and Mines (IMIDRO) Mohammad Aghajanli told local media, Trend reports.
According to him, a total of 40 trillion rials (about $90.6 million) is planned to be invested in mining developments in Iran during the current Iranian year (from March 20, 2024 through March 20, 2025). However, last year, from March 20, 2023 through March 19, 2024, we planned to invest 33.5 trillion rials (about $75.8 million).
Aghajanli stated that the six months of the current Iranian year (from March 20 through September 21, 2024) will see the investment of 20.6 trillion rials (about $46.6 million) in mining developments. Compared to the same period of last year (March 21-September 22, 2023), there is a 32 percent increase in investments. Therefore, we planned an investment of 15.5 trillion rials, or about $35.2 million, for the same period last year.
The Deputy Minister reported that the country carried out 357,000 meters of excavations over the course of six months. This is 36 percent more than in the same period last year. Thus, 262,000 meters of excavations were planned for the same period last year.
To note, Iran has about 12,000 mines. Reports indicate that Iran possesses mineral reserves exceeding 50 billion tons. Production in Iran's mines averages more than 400 million tons per year.