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.
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
Chinese state-owned oil major Sinopec sank as much as 5% in stock markets last week following reports of massive losses from petroleum contracts and the suspension of two executives.
The rally in uranium prices, which began in April this year amid production cutbacks in Kazakhstan and Canada, is set to continue as inventories of the nuclear material decline for the first time in nearly a decade.
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.