TEHRAN – Iran's Mines and Metals Development Company has more than doubled estimated reserves across 14 mineral exploration areas, with development work at selected copper and gold deposits expected to begin next year after exploration is completed, its chief executive said.

Morteza Aliakbari said on Monday that the company had focused exploration on 14 of its original 31 mining areas after technical assessments identified greater potential for further exploration.

Direct exploration work has more than doubled the estimated reserves in those areas, he said, adding that the company was pursuing formal registration of the reserves with the Ministry of Industry, Mine and Trade.

The selected areas are mainly focused on copper and gold deposits. Under the company's plans, one or two mines could each support the construction of a dedicated processing plant, Aliakbari said.

He also outlined a shift in the company's investment strategy, saying it began reducing its exposure to commercial steel production in 2026, with the transition expected to continue through 2031.

Energy constraints, carbon-related costs and the prospect of lower profitability in commercial steel were among the factors behind the change, he said. Copper and gold, alongside rare earth elements and critical metals, are expected to play a greater role in the company's future development plans.

Aliakbari said much of the company's current investment in local-currency terms was directed toward projects including Sarmad Abarkuh Steel, Kurdistan Steel and Khorasan Steel East. By 2031, copper and gold are expected to account for the largest share of its investment portfolio.

Rare earth reserves estimated at 121m tons

Iran has identified 121 million tons of rare earth reserves across two mines, Aliakbari said in response to a question about the latest exploration activities.

The country currently has the capacity to produce 17 rare earth oxides, he said, adding that domestic technical expertise had been developed to process and separate rare earth elements from mining waste.

He said reserve assessments and completion of exploration work were prerequisites for decisions on developing mining projects, with deposits containing medium to large reserves given priority for investment.

Regarding overseas operations, Aliakbari said the company had been pursuing development opportunities at two iron ore mines in Afghanistan, but regional developments and security conditions had delayed progress.

Efforts to advance the plans have since intensified, and work is also underway through one of the company's subsidiaries, he added.

EF/