Saturday, 31 May 2025
06:52
$882 Million in Foreign Exchange Savings from Localization of Mine and Mining Industries in 1403(Iranian calendar)/ 5-Year Foreign Exchange Savings Exceed $3 Billion and $440 Million
IMIDRO’s Chairman of the Executive Board of Directors (Iranian Mines and Mining Industries Development and Renovation Organization) announced $882 million savings results due to the localization of equipment and parts in the mine and mining industries sector in the year 1403 (Persian calendar).
According to IMIDRO's public relations, Mohammad Aghajanlou added: 13 companies in the mine and mining industries sector, subsidiaries and affiliates of IMIDRO, participated in this planning.
According to statistics, from 1399 to 1403 (Persian calendar), due to localization, $3 billion and $444 million in foreign exchange savings were achieved in the mine and mining industries sector.
Aghajanlou stated: IMIDRO annually sets a quantitative target for foreign exchange savings through localization in the equipment, machinery, spare parts, and raw materials sectors of companies and development projects. By communicating this target to subsidiaries and affiliates, IMIDRO monitors related programs and projects accordingly.
The report adds that the foreign exchange savings program has been realized by Mobarakeh Steel Company, Khuzestan Steel Company, National Iranian Copper Industries Company, Gol Gohar, Hormozgan Steel Company, Iran Minerals Production and Supply Company (IMPASCO) Gohar Zamin, National Iranian Steel Company, Kurdistan Steel, Sangan Steel, Iran Aluminum, Khorasan Steel, and South Aluminum.
In the year 1402 (Persian calendar), the amount of foreign exchange savings resulting from localization by companies was $838 million.
The Director of Technology Development and Localization of IMIDRO announced: The program of localization and domestic manufacturing of equipment and parts for the mine and mining industries, through IMIDRO’s facilitation, started in the 1390s (Persian calendar decade), and subsequently, a wave of localization occurred in affiliated and subsidiary companies.
Farhad Farshad added: Over the past years, capable engineering companies have been placed alongside large companies and started manufacturing equipment and parts domestically. These companies, using specialized domestic engineers, provided a significant portion of the equipment and parts needed for the mine and mining industries chain under sanctions conditions.
He continued: The foreign exchange savings program resulting from localization in 1404 is predicted to be about $893 million.
