Iran is set to invest more than $15bn in the country's mine and mineral sector to help boost its share of GDP.
The latest move is based on Iran's Sixth Economic Development Plan, which states that output hike for copper and as aluminium industries has been put at 400,000t and 800,000t respectively.
Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) Deputy Minister and chairman of the executive board Mehdi Karbasian said that the total steel production capacity in Iran should increase from the existing capacity of about 23 million tonnes to 40.3 million tonnes by the year 2020.
According to Karbasian, the country's mining sector accounts for only 1% of its gross domestic product (GDP), while in industrial countries the figure is around 16%.
Mining exploration is expected to have around $450m invested in the coming years.
Preliminary estimates show that the total value of the country's mineral resources is $700bn.
Karbasian said the figure is expected to increase to $1.4tn when new explorations take place.
Currently Iran has 27 billion tonnes of explored and 57 billion tonnes of potential mineral resources.
IMIDRO has two developing special zones in Bandar abbas and Lamerd Parsian, and is holding discussions with government to develop other special zones such as Qeshm and Chabahar.
Image: IMIDRO Deputy Minister and chairman of the executive board Mehdi Karbasian. Photo: courtesy of IMIDRO.