Tehran – Iran plans to save $893 million in foreign currency during the current Iranian year (ending March 2026) by increasing domestic production of mining equipment and components, according to the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).
The initiative, led by IMIDRO, involves 13 major mining and metals companies. Leading contributors include:
- Khuzestan Steel Company – $397 million
- Mobarakeh Steel Company – $250 million
- National Iranian Copper Industries Company – $70 million
- Golgohar Mining and Industrial Company – $34.1 million
- Iranian Mineral Production and Supply Company – $33.7 million
Other participating firms include Gohar Zamin Iron Ore, Hormozgan Steel, Kurdistan Steel, National Iranian Steel Company, and SALCO, with projected savings ranging from $2.5 million to over $30 million.
The strategy builds on strong performance last year, when the sector saved $882 million through similar localization efforts. Since 2020, Iran’s mining industry has accumulated $3.44 billion in foreign currency savings through domestic manufacturing.
This localization push is part of a broader effort to strengthen industrial self-reliance amid ongoing international sanctions and economic pressures.
