Iran planing to pivot economy toward mining sector

TABNAK, Jun. 07 - Iran’s First Vice President Mohammad Reza Aref announced plans to pivot the economy toward the mining sector

News ID: 6495

Date: 07 June 2025 - 09:58

Iran’s First Vice President Mohammad Reza Aref announced plans to pivot the economy toward the mining sector to reduce dependence on oil, during a meeting with the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) on June 5.

Iran, holder of the world’s second-largest natural gas reserves and fourth-largest oil reserves, aims to diversify its economy.

Iran’s mining sector, contributing 7% to GDP in 2024 (per Central Bank of Iran), is set to expand with $5 billion in planned investments by 2027, targeting copper, iron ore, and rare earth elements.

Mohammad Reza Aref said that slogans like “carbon-free and plastic-free development” promoted by advanced nations are “neither benevolent nor environmentally driven.”

“Issues like greenhouse gases and global warming have been emphasized to hinder the development of countries reliant on carbon and oil.”

Carbon-reliant nations like Iran, which emitted just 0.7% of global CO2 in 2023, according to the Global Carbon Project.

Iran’s vast mineral reserves, including 68 types of minerals like zinc and phosphate, make it one of the top 10 mineral-rich countries globally.

Iran’s mining push aligns with its 20-year Vision Plan to reduce oil dependency to below 20% of GDP by 2030, down from 30% in 2024.

The critique of Western environmental policies reflects Iran’s alignment with Global South nations, as seen in its active role in BRICS summits advocating for equitable resource use.

IMIDRO plans to launch three new mining projects in Sistan-Baluchestan and Kerman provinces by late 2025, targeting $1.2 billion in annual exports, Iran Press reported.

Iran will raise its mining agenda at the upcoming BRICS economic forum in Moscow in July 2025, seeking Chinese and Russian investment.