NICICO Puts Iran’s Copper Ore Resources at 24.5bn Tonnes; Exploration Drilling Nears 200,000 Metres

Published: Sep 14, 2026 18:19 (GMT+8)

Save

According to Iranian media reports citing Seyed Mostafa Feiz, CEO of the National Iranian Copper Industries Company (NICICO), Iran’s geological copper ore resources rose to 24.5 billion tonnes from 22.2 billion tonnes at the start of the Iranian year, up 10.6%. Mineable (designable) reserves increased to 18.2 billion tonnes from 16.8 billion tonnes, while 198,462 metres of exploration drilling were completed in the first five months—about 40% of the 500,000-metre full-year target. At Miduk, mineable reserves rose 123% to 1.77 billion tonnes and geological resources increased 186% to 2.883 billion tonnes. The Sarcheshmeh cluster’s mineable reserves reached 7.7 billion tonnes at an average grade of 0.41%, with the mine’s operating permit extended through Iranian year 1429 (around 2050–51). Total material extracted during the period exceeded 153 million tonnes, up about 4% year on year; this figure includes sulphide ore, oxide material and waste rock, and is not copper production. The expanded resource and reserve base supports Iran’s longer-term development potential, but does not imply an immediate increase in supply.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

[SMM Analysis] Copper Market Review and Outlook After China’s National Day Holiday

[SMM Analysis] Copper held its ground through China’s holiday, with falling LME stocks cushioning the early sell-off. Softer US data eased fears of further rate hikes but failed to spark a breakout. As China returns to work, the focus shifts to whether demand can absorb the metal accumulated during the shutdown. A sizeable inventory build would leave Shanghai copper lagging London.

1 hour ago

8 hours ago

Vedanta Eyes $2.3B Copper Expansion, Tuticorin Smelter Restart

Vedanta Copper targets 1 million tonnes/year of copper production across India and Saudi Arabia by the end of the decade, with a proposed Tuticorin smelter restart central to its domestic expansion plans.

8 hours ago

10 hours ago

【Flash | Adanac Technical Report Outlines Long-Life Primary Molybdenum Supply】

EraNova Metals filed an NI 43-101 PEA technical report for its 100%-owned Adanac molybdenum project in Canada. The report confirms the August 6 results without material differences. The proposed 30,000-tpd operation has a 24-year mine life and targets average annual molybdenum output of 11.4 million lb (about 5,171 tonnes), with 270.1 million lb (about 122,515 tonnes) of payable molybdenum over the mine life. Initial capital is estimated at C$953.3 million. EraNova plans to initiate a feasibility study and advance environmental assessment and permitting. The PEA remains preliminary, with no final investment decision or production schedule.

10 hours ago