A local official to the Iranian Ministry of Industry, Mine and Trade in the southeastern province of Kerman said on Sunday that the titanium processing factory in the city of Kahnuj will come on line after more than 30 years of works on the project by government and private companies.
Moslem Moravveji made the announcement in a briefing with reporters about latest Ministry of Industry's projects in south of Kerman, an area which is rich in precious metals, including copper, chromite, magnesium and gold, Press Tv reported.
The Ministry of Industry, Mine and Trade and Iran’s state-owned company IMIDRO (Iranian Mines and Mining Industries Development and REnovation Organization) agreed in 2019 to award the project to develop titanium mine in Kahnuj to a private investor to provide the technology and investment needed to expand the mine.
The reserve contains some 150 million metric tons (mt) of titanium with some estimates putting the figure at nearly 400 million mt.
The mine can produce 130,000 mt of titanium concentrate and some 70,000 mt of slag per year.
The planned launch of the titanium mine comes amid programs by the Iranian government to expand the country’s mining and metals sector as it seeks to reduce its reliance on oil revenues and to create more jobs for Iran’s youth.
Experts say the policy has paid off as Iran had reported significant increases in its metals and mining export revenues in recent years.