Iran’s Mines Could Bring ‘Much More’ Money Than Oil

Mojtaba Khosrowtaj (pictured), first deputy minister at the  Industry, Mines, and Trade Ministry has said that the country has the potential to generate more revenue from mining than it does from oil.

Khosrowtaj told Bloomberg that metals such as copper and rare earth elements could be worth “much more” than Iran’s oil industry revenue of $30 billion, based on a crude oil price of $40 a barrel and exports of 2 million bpd.

He said domestic and foreign companies need to be encouraged to develop the metal sector, which he said is still using equipment developed 15 or 20 years ago because of a lack of funds due to sanctions.

(Source: RFE/RL)

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