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.
The value of trades at Tehran Stock Exchange (TSE) stood at 50.324 trillion rials (about $1.198 billion) during the past Iranian calendar week (ended on Friday) increasing 25 percent from 42.46 trillion rials (about $1.01 billion) worth of trades in its preceding year, IRIB reported.
US stock markets just enjoyed their best week of the year on speculation that the Federal Reserve would once again ride to the rescue of equities and inflate asset prices by cutting rates.
Giant mines currently under construction will churn out an additional 1 million tons of copper through 2023, but that won’t be enough to fully close an expected gap between supply and demand in the next few years.
Top iron ore producer Vale’s decision to decommission its upstream tailings dams following the deadly dam burst Friday at its facility in Córrego do Feijão, Brazil has lit a fire under iron ore prices.
Oil prices fell on Monday, in line with weaker stock markets after evidence that economic growth in China, the world’s second largest crude consumer, eased in 2018.
Turkish scrap imports jump 9 folds while US imports remained nil in Oct’18 from Sweden