NEWS
Copper   Investment  

Investment worth €600m underway for Sungun Copper Mine development

Development projects worth 600 million euros are underway in Sungun Copper Mine in the northwestern province of East Azarbaijan, announced the minister of industry, mine and trade on Saturday.

Reza Rahmani said that the mine enjoys three billion tons of copper reserves and €600 million of investment are underway in the framework of foreign finance and domestic resources, imidro.gov.ir reported.

According to Iranian Mines & Mining Industries Development & Renovation Organization (IMIDRO), the National Iranian Copper Industries Company (NICICO) produced over 31,000 tons of anode copper from May 22 to June 21, announced Ardeshir Sa’d-Mohammadi, the managing director of the company on July 1.

He said that during the period Iranian companies produced 31,259 tons of anode copper.

Production of copper cathode during the period reached 22,328 tons, which is higher than the targeted 18,611 tons.

NICICO announced in May 2018 that Iran has planned to rank among the top 10 copper cathode producers in the world by 2025.

In 2025, Iran’s copper cathode production capacity will reach 655,000 tons.

Iran’s copper reserves stand at 21 million tons, which is 1.3 percent of the global total.

NICICO’s copper concentrate production capacity is currently over 1.2 million tons per year and, based on the 2025 development plan, this figure is set to reach 2.5 million tons.

At present, six copper mines are operating in the country.

Bahram Shakouri, a member of Iran’s Copper Association, said that the country exported more than $1 billion worth of copper cathode, a basic product widely used in various industries, in the year to March 2019.

Shakouri said US sanctions imposed on Iran have only restricted the country’s ability to directly ship its copper to traditional destinations like Europe, Japan and South Korea.

He said China is currently Iran’s main copper customer, adding that exports to other destinations are carried out via third countries.

“Generally, the sanctions have failed to significantly impact [Iran’s] mineral industries as it is impossible to determine to which country a mineral product belongs,” Shakouri said.

“Exports can easily be carried out via a third country while our copper is equivalent to that of Chile and Mexico in terms of purity, and it is difficult to spot any difference,” he added.

Shakouri said Iran currently exports over 70 percent of its copper production, adding that the value of the country’s exports can reach a target of $5 billion if small mines across Iran become operational and the country increases its concentrate production.

Iran produced a total of 220,000 tons of copper cathode in the 12-month period ending last March 20.

Mines across the country, including the sprawling Sarcheshmeh Copper Complex in the southeastern Kerman Province, produced more than a million tons of copper concentrate in the same period, according to recent figures provided by the Iranian government.

Shakouri added that Iran could reach a target of 450,000 tons of copper cathode production in the near future if concentrate production keeps increasing at the current pace.

News No: 5763
Date: 2019/08/05 - 23:08
News Source: Iran Daily

copper cathode  NICICO  IMIDRO  Investment  Sungun Copper Mine 

Comments:

Leave a Comment:

   
   
   
 

EU HRC: Small buyers unwilling to take risk

Small hot-rolled coil (HRC) buyers deem the supply situation in Italy to be too risky, and are either looking for alternative sources or delaying purchases.
 

Fagor Ederlan Group inaugurates a new Plant in Bergara

The factory, specializing in low-pressure aluminum components for the automotive sector, has involved an investment of 55 million euros
 

Buzios to drive Petrobras production growth

Brazil's state-controlled Petrobras plans to spend around $18bn over the next five years to develop the giant Buzios pre-salt field, the biggest single investment under the company's $75.7bn 2020-24 business plan.
 

Rio Tinto to extend Kennecott ops to 2032

UK-based global miner Rio Tinto has approved a $1.5bn investment that will extend its US copper operations to 2032.
 

Steel ingot production by major producers at 11.9m tons in 7 months

Production of steel ingot by Iran’s major producers stood at 11.923 million tons during the first seven months of the current Iranian calendar year (March 21-November 22), IRNA reported on Saturday citing the data released by Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).
 

Foreign Investment in Iran Increased by 26%

A total sum of $784.6 million foreign finance has been directly invested in 55 projects in Iran in the past 7 months, according to the Ministry of Industry, Mine and Trade which adds that it is a 26.1 percent jump in comparison with figures from corresponding period in the last year.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners