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Iran requires an investment of over $4.2 billion during the next five years to make a massive titanium mine in the southeast of the country fully operational, an official said.
Head of Makran Steel Company's Board of Directors Jamshid Jahanbakhsh Tehrani further said that the deposits in Fanuj can yield 30 million tons of titanium ore per annum over a period of 400-500 years, according to Press TV.
Fanuj, in Sistan-Baluchestan Province, is estimated to hold 3.6 billion tons of titanium reserves. Fanuj includes a cluster of 30 deposits, each capable of yielding one million tons of titanium ore per year.
Titanium is the strategic metal of the century, named after the powerful Titan gods in Greek mythology. In view of its strength, lightweight and corrosion resistance, the metal is highly prized in aircraft manufacturing, with further applications in military, aerospace, marine industries, dental implants and industrial processes.
Tehrani said more than 80 mines containing titanium, iron ore and copper have been explored in Fanuj over the past five years.
The titanium yield from the region will be ferried by 2,400 trucks to Chabahar Port on the Sea of Oman for processing before being shipped to Asia and Europe for reduction to titanium ingot, he said.
The deposits can create over 4,000 jobs on site and a further 9,000 at processing facilities in Chabahar, Tehrani added.
Iran's other major titanium reserves are located in Kahnuj in Kerman Province, estimated to contain 400 million tons, and the high-concentration Qara Aghaj hard rock near Orumieh, West Azarbaijan Province with 200 million tons of deposits.
Iran plans mining investments to the tune of $29 billion, including $15 billion in foreign direct investments. The projects range from steel to aluminum and copper and mining gold, rare earth elements and coal.
Leading Japanese steelmakers have indicated interest in titanium production in Iran. Executives of Kobe Steel Ltd. and the state-run Japan Oil, Gas and Metals National Corp (JOGMEC) met officials in Tehran in August to discuss plans for cooperation.
Last week, Deputy Industries, Mines and Trade Minister Mojtaba Khosrowtaj said copper, iron ore and heavy rare earth elements could be worth 'much more' than Iran's crude oil revenues.
Iran possesses seven percent of the world's total mineral reserves worth about $700 billion but this figure could rise to $1.4 trillion with new discoveries, officials say.
The mining sector, however, is underdeveloped, accounting for less than one percent of the country's gross domestic product (GDP).
Iran mulls investment in giant titanium reserves
Head of Makran Steel Company's Board of Directors Jamshid Jahanbakhsh Tehrani further said that the deposits in Fanuj can yield 30 million tons of titanium ore per annum over a period of 400-500 years, according to Press TV.
Fanuj, in Sistan-Baluchestan Province, is estimated to hold 3.6 billion tons of titanium reserves. Fanuj includes a cluster of 30 deposits, each capable of yielding one million tons of titanium ore per year.
Titanium is the strategic metal of the century, named after the powerful Titan gods in Greek mythology. In view of its strength, lightweight and corrosion resistance, the metal is highly prized in aircraft manufacturing, with further applications in military, aerospace, marine industries, dental implants and industrial processes.
Tehrani said more than 80 mines containing titanium, iron ore and copper have been explored in Fanuj over the past five years.
The titanium yield from the region will be ferried by 2,400 trucks to Chabahar Port on the Sea of Oman for processing before being shipped to Asia and Europe for reduction to titanium ingot, he said.
The deposits can create over 4,000 jobs on site and a further 9,000 at processing facilities in Chabahar, Tehrani added.
Iran's other major titanium reserves are located in Kahnuj in Kerman Province, estimated to contain 400 million tons, and the high-concentration Qara Aghaj hard rock near Orumieh, West Azarbaijan Province with 200 million tons of deposits.
Iran plans mining investments to the tune of $29 billion, including $15 billion in foreign direct investments. The projects range from steel to aluminum and copper and mining gold, rare earth elements and coal.
Leading Japanese steelmakers have indicated interest in titanium production in Iran. Executives of Kobe Steel Ltd. and the state-run Japan Oil, Gas and Metals National Corp (JOGMEC) met officials in Tehran in August to discuss plans for cooperation.
Last week, Deputy Industries, Mines and Trade Minister Mojtaba Khosrowtaj said copper, iron ore and heavy rare earth elements could be worth 'much more' than Iran's crude oil revenues.
Iran possesses seven percent of the world's total mineral reserves worth about $700 billion but this figure could rise to $1.4 trillion with new discoveries, officials say.
The mining sector, however, is underdeveloped, accounting for less than one percent of the country's gross domestic product (GDP).
Iran mulls investment in giant titanium reserves