Sanctions chance for development

The West’s sanctions against Iran have not only not affected the development of the country’s mines sector, but opened up an ideal opportunity for further development of the mines.

“The sanctions will have no negative impact on the development of mines and mineral industries”, Managing Director of the Iranian Organization for Development and Renovation of Mines and Mineral Industries Ahmadali Harati-Nik was quoted by IRNA as saying on Saturday.

He said the organization injected some $7bn into the mines sector during the Fourth National Development Plan, which saw 60 mineral projects get off the ground.

“One hundred and eight mineral projects are scheduled to be launched during the Fifth (National) Development Plan with an investment of Rls.275tr (roughly $27bn)”, added the official.

He said the mineral projects implemented during the fourth plan created around 220 thousand direct and indirect job opportunities, adding the figure is projected to double during the fifth development plan.

“In five years’ time, Iran will have a surplus of products such as cement, raw steel and steel products”, added Harati-Nik.

He said efforts should get underway now to market those products in other countries.

“Last year, the public sector produced 10 million 666 thousand tons of steel, which will rise to 11.2 million tons with the help of the private sector”, said the official.

He said Iran’s annual steel production is expected to touch 30 million tons annually by March 2014.