Iran eyes 40% surge in copper output by 2024

Iran aims to significantly increase its copper production capacity to respond to a growing international demand for the precious metal, says a senior industry official.

Deputy Iranian industries minister Ardeshir Saadmohmmadi said on Saturday that total capacity for copper production in Iran would increase by nearly 40 percent to top 550,000 metric tons a year by 2024.

Saadmohmmadi said Iran will spend nearly $2.5 million to finish a total of 29 new copper production projects to meet the target.

The official, who also heads the National Iranian Copper Industry Company (NICICO), said production of anode or raw copper will also surge by 16 percent this calendar year ending late March.

The NICICO aims to reach a record annual output of 280,000 tons at the end of the current calendar year. Production is expected to hit a target of 400,000 tons a year by 2024. Copper concentrate output will also double in the next two years to reach two million tons a year, according to figures by the company.

Iran steel industry adamant against sanctions

Iran marked a 13.4-percent rise in steel production while the average global growth in steel production was negative in 2020. .

On exploration of mines, Saadmohmmadi said Iran’s proven copper reserves would amount to 36.5 million tons this year with addition of two new mines, making the country the sixth largest holder of copper reserves in the world.

Facing US sanctions that have hampered its crude sales, Iran has sought to activate its metals and mining sector to both boost government revenues and create thousands of new jobs.

Washington started to target Iran’s trade of lucrative metals in May 2019, one year after it imposed sanctions on the country's oil exports.

However, the bans, which were toughened early this year, have mostly failed to hamper metals shipments as Iranian exporters normally use third countries to ship raw metals and finished products to customers in Asia and elsewhere.

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