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Iron ore reserves estimated at over 5bn tons
Mehrdad Akbarian, who also chairs Iran’s Association of Iron Ore Producers and Exporters (IROPEX), said that figures announced by the Iranian government about unproven iron ore reserves, which is about 3.2 billion mt, do not properly represent a rough estimate of recoverable iron in the country.
“Unfortunately, the official figures do not match the realities on the ground,” Akbarian told the ILNA news agency.
“That comes as reserves can further expand with progress in technology, increased mining and investment in exploration,” he added.
The businessman said that the total iron ore mined in Iran since the industry was formed several decades ago has not exceeded 0.6 billion mt.
Akbarian insisted that increased supply of energy, including electricity and natural gas, to Iranian steel plants can lead to more activity in iron
mines.
Iran has produced more steel in recent years mainly due to increased government support as part of a policy to diversify the economy away from oil exports.
Iranian steel exports have increased steadily since the US imposed sanctions on the country in 2018.
Iran is currently the 10th largest steel producer in the world with more than 30 million mt of annual output.
Increased production caused the country to move up to 7th in the global ranking of steel producers during some calendar months of last year.