BAKU, Azerbaijan, December 7. The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) has invested approximately 27.8 trillion rials (about $58.2 million) in mineral exploration during the first eight months of the current Iranian year (from March 20, 2024, through November 20, 2024), the head of exploration at IMIDRO, Ahmad Fattahi, told reporters, Trend reports.
According to Fattahi, this investment accounts for 69.4 percent of the total allocation for mineral exploration in the country’s current fiscal year (from March 2024 through March 2025). The state budget for this year has earmarked a total of 40 trillion rials (about $83.8 million) for mineral exploration.
Fattahi also reported that a total of 458,000 meters of exploration drilling has been carried out during the eight months. This represents 78 percent of the planned exploration drilling (590,000 meters). In comparison, the total drilling completed during the previous year (March 2023–March 2024) was 556,000 meters.
Additionally, it is estimated that Iran is home to nearly 12,000 mines, with total mineral reserves exceeding 50 billion tons. The country’s annual mining output is over 400 million tons on average.