Iran discovers its first lithium ore deposit
Iran announced the discovery of its first lithium ore deposit amid extensive exploration activity in the country’s metals and mining sector.
A senior official in the Iranian Ministry of Industry, Mine and Trade said that the deposit located in the western province of Hamedan contains some 8.5 million tons of lithium ore, Press TV reported.
Ebrahim-Ali Mola-Beigi, who leads the ministry’s exploration department, said more lithium ore deposits are expected to be discovered in Hamedan, a province highly rich in clay deposits which is a source of lithium.
Mola-Beigi expressed hope that Iran could reach a cost-effective method of production from the newly-discovered lithium deposit as he insisted that demand for the metal is rising in the global markets.
Iran has introduced measures to expand its mining and metals sector in recent years as part of plans to diversify its economy away from oil revenues.
Increased activity in the sector has generated billions of dollar worth of hard currency revenues for the country while creating hundreds of thousands of new jobs for its youth.
Iran exported over $10.5 billion of minerals and mining products in the previous Iranian year (ended on March 20, 2022), registering an increase of 91 percent year on year.
The country exported 9.15 million tons of mine sector products, 12 percent up compared to corresponding figure for the year to March 20, 2021.
Steel ingot with $4.156 billion worth of exports was the top exported item in the previous Iranian year, followed by steel products with $1.621 billion, copper cathodes with $1.357 billion, aluminum ingots with $607 million, and rolled steel products with $494 million, zinc ingots with $477 million, iron ore and concentrate with $280 million and sponge iron with $238 million worth of exports.
The said products with a total value of $9.23 billion accounted for approximately 87.6 percent of the total exports of metals and minerals in the year to March 20, 2021.
Having 81 different types of minerals, Iran is one of the top 10 mineral-rich countries across the globe. In this regard, the Iranian government has been seriously pursuing several programs for promoting the mining sector as a major contributor to the country’s economic growth.
Iran’s proven iron ore reserves are 2.7 billion tons, while the country’s copper reserves are 2.6 billion tons. The country also has 11 million tons of zinc reserves. The total proven reserves of Iran’s mines are estimated at about 60 billion tons, which is expected to reach more than 100 billion tons with the implementation of the Industry, Mine, and Trade Ministry’s exploration programs over 500,000 square kilometers of new mineral zones.
Despite the country’s huge potential in the said area, due to some issues including the lack of machinery and equipment and the lack of access to financial resources and foreign investment, the Iranian mining sector has been struggling to operate at its maximum capacity over the past few years.
So, the government plans for promoting the industry are mainly focused on relying on domestic sources for helping the mining sector overcome its current problems and hit its ideal targets.