Domestic production in mining sector saves Iran nearly $1b

February 12, 2021 - 11:15

TEHRAN- Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) has announced that domestic production and indigenizing technology in the mining sector has saved Iran nearly $1 billion during the current Iranian calendar year (began on March 20, 2020).

The organization has also announced that the domestic production policy followed up by nine large mining companies saved the country $350 million during the first half of the current year (March 20-September 21, 2020).

This month last year, the previous head of IMIDRO, which is the country’s major state-owned holding active in the mining sector, announced the organization’s top 10 targets to be followed up through some programs for domestic production of parts and equipment used in the mining sector as well as indigenizing required technology of this sector.

The Ministry of Industry, Mining and Trade had announced in the last August that it had a comprehensive plan for domestic production of required parts and equipment, and about $3.3 billion was allocated to this plan.