Kazakhs urged to accelerate completion of Sari Gunay gold mine

(Minews) - Deputy Minister of Industry, Mine and Trade and head of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), Mehdi Karbasian, on Monday traveled to Kazakhstan for a two-day visit to discuss mining contracts with Kazakh companies.Kazakh companies have failed ...

NICICO to produce 400,000 tons of copper by 2019

(Minews) - The national Iranian Copper Industries Company (NICICO) is targeting to produce 400,000 metric tons of copper by 2019, Eghtesadnews reported. According to Ahmad Moradalizadeh, the NICICO general manager, the project requires more than $3.5 billion in investment. He says processing copper ...

Iran's steel production chain to be balanced in 18 months

(Minews) - Inspecting industrial projects in the southern province of Fars, minister of industry, mine and trade, Mohammad Reza Nematzadeh anticipated that the domestic steel production chain will be balanced within 18 months, Fooladnews reported.“Currently, some components of the steel production ...

IMIDRO to unveil Bafq REE project

(Minews) - The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) says it will unveil a top-priority plan in the central town of Bafq in Yazd Province to extract and produce rare earth elements (REE’s).The IMIDRO head, Mehdi Karbasian, said his organization has ...

Citigroup sees iron ore falling below $40 on supply, demand pressure

(Minews) - Iron ore will fall to $36 a tonne in the third quarter and stay below $40 for the rest of the year as big miners boost supply even further and China's demand declines, Citigroup said on Monday.Spot iron ore has lost 60 percent over the past 12 months, dropping below $50 a tonne this month ...

Iran, secret gold and the mystery trade boosting Turkish exports

(Minews) - Turkey’s trade balance, one of the few points for solace in this year’s worst performing bond market, might not be improving as much as the data appears to show.Despite having no significant gold deposits, exports of the precious metal made up 70 percent of the narrowing in the ...

New reckoning for copper miners now running in the red

(Minews) - Nearly a quarter of the world's major copper mines are running in the red, even after producers including Codelco and BHP Billiton engage in their deepest cost-cutting in years, according to a Reuters analysis.A 17-percent slump since last July has pushed copper futures on the London Metals ...

Dubai to host Mideast’s top aluminium industry leaders

(Minews) - A large congregation of aluminium industry professionals are set to gather in Dubai, UAE, as the emirate hosts regional and international aluminium producers, suppliers and investors from more than 25 countries this week.The Aluminium Middle East 2015 exhibition will run from April 14 to ...

Iran's mining industry outlook in post-sanctions era

(Minews) - The possibility of a final nuclear deal between Iran and the P5+1 group (the five permanent members of the UN Security Council plus Germany), especially after the negotiators announced a 'framework' nuclear agreement on April 2 in the Swiss city of Lausanne, has generated new hopes among ...

Iranian steel export permission extended

(Minews) - The Ministry of Industry, Mine, and Trade has indefinitely extended the permission for exporters to export steel products, according to the Iranian Steel Producers Association (ISPA).“Exporting steel will continue to be allowed with observance of set tariffs,” IRNA quoted Abbas Hosseini,...

Iran's gold mining in full swing

(Minews) - Mouteh gold complex in Isfahan Province produced more than 280 kilograms of gold in the Iranian calendar year 1393 (ended March 20), which indicates 18.6% output growth compared to the previous year, Mehr news agency reported on Saturday.The Mouteh complex is owned by Iran Minerals Production ...

Chinese demands, rebels and Buddhist ruins stall Afghan copper dream

(Minews) - China and Afghanistan remain deadlocked over a stalled $3 billion copper mine five months after Beijing demanded royalties be slashed by almost a half, underlining Kabul's struggles to support itself as foreign aid dries up.The copper, lying beneath the ruins of an ancient Buddhist city, ...

China's Baosteel criticises call for iron ore output cap

(Minews) - China's Baoshan Iron and Steel, the world's No. 4 steel producer, joined global miner Rio Tinto in dismissing Fortescue Metals Group's call for a cap on iron ore output to revive prices, saying it was "not good for fair competition.""Companies should follow the laws of the ...

Barclays:Gold mine output to contract in 2016

(Minews) - According to Barclays PLC, the plunge in gold prices has forced world’s top producers to cut fresh mine investments by nearly half. This could result in nearly 1% decline in gold mine production during 2016. The contraction in mine supply may tighten the physical market, noted Barclays....

Iron ore giants knock Iran out of competition

(Minews) - Even though Iran is ranked globally as the 11th iron ore producer and the fourth supplier to China – the world’s biggest buyer of iron ore — next only to Australia, Brazil, and South Africa, the country has lost the ability to compete in the global market with iron ore producing ...

New era of foreign investment in Iran's mining sector

(Minews) - Global interest in Iran's mining sector has grown especially after Iran and the major powers reached a nuclear understanding earlier this month in the Swiss city of Lausanne, Bloomberg quoted deputy minister of industry, mine, and trade, Mehdi Karbasian, Eghtesadnews reported."Numerous ...

Iran to set up joint venture with China for ferrochrome plant

(Minews) - A ferrochrome factory will be established in the Persian Gulf Special Economic Zone in the port city of Bandar Abbas in a joint venture with the Chinese, IRNA cited the governor of Hormozgan Province as saying.The factory, which will annually produce 50,000 metric tons of ferrochrome, will ...

Iran plans $32bn spend on projects in 8 sectors

(Minews) - Iran’s National Development Fund (NDF) has earmarked $32.7 billion for development projects in eight sectors, a report said.Out of this allocation, oil and gas projects get about $10 billion, while $6.2 billion is assigned for construction of refineries and development of petrochemical ...

Iran to implement stalled steel projects

(Minews) - Iran’s government has allocated funds for implementing seven pending steel projects, which were stalled for a long time by a Chinese company, according to a report.The projects are located in the cities of Shadegan (Kuzestan province), Sefid Dasht (Chaharmahal-Bakhtiari), Mianeh (East ...

India's rich temples may open gold vaults for PM Modi

(Minews) - The two-century-old Shree Siddhivinayak temple in Mumbai devoted to the Hindu elephant-headed god Ganesha bristles with close circuit cameras and is guarded by 65 security officers.It is one of India's richest temples, having amassed 158 kg of gold offerings, worth some $67 million, and its ...