The plant, located in Sangan Mineral Zone, was established with an investment of 359 billion rials ($8.9 million) and a forex component of €48 million, Chilan reported. Known as “Iran’s Mineral Heaven” and located in Khorasan Razavi Province, Sangan possesses over 1.2 billion tons of estimated iron ore reserves and is expected to grow even more through further explorations. Latest statistics show large-scale Iranian miners produced 21.88 million tons of iron ore concentrate in the first seven months of the current fiscal year (March 21-Oct. 22), up 19% year-on-year.
By 2025, Iran is targeting to become the world’s sixth largest steelmaker by notching up a 55-million-ton crude steel production capacity, as part of the goals set in the so-called 20-year Vision Plan. Realizing the target requires 86 million tons of concentrate, among other materials, according to data Iron & Steel Society of Iran. Shortages of all materials still loom large, prompting increased capacity-making by producers.
Source: Financial Tribune