TEHRAN - Iran aims to save $893 million in foreign currency through the domestic production of equipment and components in its mining and mineral industries during the current Iranian year (ending March 2026), according to the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).

As reported by IRIB, the target will be met through the efforts of 13 major mining and metals companies, with IMIDRO leading the initiative. Key contributors include Khuzestan Steel Company ($397 million), Mobarakeh Steel Company ($250 million), National Iranian Copper Industries Company ($70 million), Golgohar Mining and Industrial Company ($34.1 million), and Iranian Mineral Production and Supply Company ($33.7 million).

Other participating companies and their projected savings include: Gohar Zamin Iron Ore Company ($30.1 million), Hormozgan Steel Company ($26 million), Kurdistan Steel Company ($18 million), National Iranian Steel Company ($12.5 million), Sangan Steel Company ($7.5 million), Khorasan Steel Company ($5.3 million), Iran Alumina Company ($4.3 million), and South Aluminum Corporation (SALCO) ($2.5 million).

Last year, the mining sector achieved $882 million in foreign currency savings through domestic production, bringing the total value of such efforts from 2020 to 2024 to $3.44 billion.

EF/MA