TEHRAN (Iran News) – The CEO of the National Iranian Copper Industry Company (NICICO) said that for the first time in the country’s history, copper is facing a higher demand than the current supply despite a series of US sanctions that seek to stifle Iran’s lucrative trade of metals. “For the first time in the […]
TEHRAN (Iran News) – The CEO of the National Iranian Copper Industry Company (NICICO) said that for the first time in the country’s history, copper is facing a higher demand than the current supply despite a series of US sanctions that seek to stifle Iran’s lucrative trade of metals.
“For the first time in the history of the country’s copper industry the sales of NICICO have outpaced the amount of supply,” said Ardeshir Sa’admohammadi on Sunday, Press TV reported.
The comments come amid an unprecedented boom in Iran’s metals and mining sector as the country seeks to diversify the economy away from oil.
Unlike oil sales which have stumbled due to US sanctions, Iran’s trade of metals has been spared of a series of similar bans enacted since May this year. That has been largely due to the fact that the United States has been unable to spot the original source of the cargoes exported from Iran via third countries.
Sa’admohammadi said another reason for Iran’s booming copper exports is a surging demand in the international markets as the precious metal is being increasingly used in industries that are gearing toward electrification.
Reports earlier this year suggested Iran was making huge investments for development of the copper industries located northwest of the country where the NICICO seeks easier access to the markets in Turkey and in Europe.
However, a bulk of the copper exports from Iran is still supplied through a traditional hub of mines and smelters located in Kerman, in the southeast of the country.
The NICICO chief said that more than €310 million had been spent on a massive copper production site that will come on line within the next few months. He said the project, located in an area some 80 kilometers to the west of Kerman, includes a smelter, an oxygen facility, an acid production unit and a warehouse.
- source : Iran Daily, Irannews
