Sat Jun 25, 2016 1:58PM
File photo shows the Choghart iron mine, near the central Iranian city of Bafq in Yazd Province.
File photo shows the Choghart iron mine, near the central Iranian city of Bafq in Yazd Province.

Iranians are a people sitting atop underground resources from petroleum to minerals. Mines come in a close second after gas and oil in Iran.

Iran holds beneath its soil, over 68 various types of non-petroleum based, mineral resources, which in aggregate absolute weight stand at roughly 27 billion MT with a potential weight of up to 57 billion MT as it’s been estimated.

This situation has put Iran on the list of the 15 wealthiest countries, when it comes to mining reserves. Plus, some 11% of the world’s proven petroleum reserves and 18% of its proven gas reserves belong to Iran. It’s true that the oppressive sanctions against Iran have thwarted Iran’s economic plans but mining activity has been going on in the country over all these sanction-ridden years, so much so that there are currently some 5500 active mines in Iran.

In light of the country’s 20 year development outlook plan, Iran is looking to become a major global contender in terms of mineral industries and is bound to attain competitive conditions fast. At the moment, the administration of Mr. Rouhani, is busy putting together the country’s 6th development plan. The designers of this major plan, have charted the necessary levels of industrial expansion essential for accomplishing those grand industrial objectives, as being somewhere around 12%. Moreover they’re of the opinion that in the course of reaching that target, there should be an annual economic growth of up to 8% minimum to enable that.

Given the vastness of god given resources that Iran enjoys, it's no wonder why many foreign companies would be potentially enough interested to invest in it. In addition to enormous iron and copper reserves, Iran enjoys a wealth of 200 various mining sites, which yield a variety of 33 products. These are Gold, Silver, Turquoise, Ruby, Sapphire, Agate, etc. This is not to forget, other more industrial-grade valuable mineral commodities, such as Titanium, Uranium, Manganese, Zinc, and many other items, which taken together can help wean Iran off petrodollars.

Watch the full version of this episode here: