TEHRAN – Iran’s state-owned mining development agency, IMIDRO, has announced a target of $893.2 million in foreign currency savings through domestic production in the mining and mineral industries during the current Iranian year ending March 2026.

The initiative, aimed at reducing reliance on imports, will involve thirteen major companies.

The planned savings will be realized through the domestic production of parts, equipment, and technologies. According to the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), the largest contributions this year are expected from Khouzestan Steel Company with $397 million, Mobarakeh Steel Company with $250 million, the National Iranian Copper Industries Company with $70 million, Golgohar Mining and Industrial Company with $34.1 million, and Iran Minerals Production and Supply Company with $33.7 million.

Additional participants include Gohar Zamin Iron Ore Company with $30.1 million, Hormozgan Steel Company with $26 million, Kurdistan Steel Company with $18 million, National Iranian Steel Company with $12.5 million, Sangan Steel Company with $7.5 million, Khorasan Steel Company with $5.3 million, Iran Alumina Company with $4.3 million, and South Aluminum Corporation with $2.5 million.

Last year, Iran recorded $882 million in foreign currency savings in the mining sector through the localization of components and equipment. Between 2020 and 2025, total savings from such efforts reached approximately $3.44 billion.

Iran is one of the top 10 mineral-rich countries in the world. Having 15,000 mining areas, Iran has the sixth largest zinc, seventh largest copper, ninth largest iron ore reserves, and fifth largest gypsum and barite reserves globally. It also has three of the world’s total lead and zinc reserves and huge coal reserves. Other mineral products such as chromate and manganese are also found in different regions of Iran.

The total proven reserves of Iran's mines are estimated at about 60 billion tons, which is expected to reach more than 100 billion tons with the implementation of the Industry, Mining, and Trade Ministry’s exploration programs over 500,000 square kilometers of new mineral zones.

EF/MA