Iran holds 3 billion tons of decorative stone reserves, says an executive of Iran Stones Association.
Some 16 million tons of decorative stones are extracted in Iran every year, which is far less that the 27-million-ton extraction capacity, Seifollah Arasteh was also quoted as saying by Mehr News Agency.
Many of Iran’s decorative stone mines have gone out of business due to the unfavorable economic climate facing the sector. The after-effects of economic sanctions imposed by the West on Iran over its nuclear energy program, which were officially lifted last year as part of a nuclear deal between Iran and world powers, and the restrictions enforced by the government over unprocessed mineral exports have weakened the domestic sector’s standing in the international markets.
Arange of new financial products, from Islamic bonds to warrants and insurance-linked securities, are being developed to help give local firms more funding options as US sanctions pile pressure on the economy.
Australia-based petroleum producer and LNG exporter Santos plans to almost double its current production level to more than 100 million barrels of oil equivalent by 2025, helped by its acquisition of Quadrant Energy including the Dorado oil discovery, and higher output from three LNG projects it has interests in, the company said Wednesday.
Iranian Oil Minister Bijan Namdar Zanganeh made assurances that the US administration can never drive the Islamic Republic’s crude exports down to zero.
Nickel surged to a more than three-year high amid growing fears that Russia's Norilsk Nickel, top producer of the metal, could be the next victim of US sanctions against Russia that has already caused chaos on aluminum markets.
Copper demand will surpass supply earlier than expected, with the first clear signs coming as early as next year, experts attending the 17th World’s Copper Conference being held this week in Santiago, Chile, said.
German Chancellor Angela Merkel and Chinese President Xi Jinping discussed overcapacity in world steel markets and agreed on Saturday to work on solutions within the framework of the G20 group of industrialised nations, Merkel's spokesman said.