(MENAFN) Iran, OPEC's fifth-largest crude producer, has great prospective for generating more revenue from mining than it does from crude, based on reports.
Metals such as copper and higher-priced rare earth elements could be worth much more than revenues from the oil industry which stand at USD30 billion.
Iran has more than 3,000 active mines, mostly privately owned, but the sector is still using gear developed 20 years ago because of lack of funds due to sanctions.
Moreover, about 37 billion metric tons of minerals valued at a whopping USD700 billion were found in Iran from exploration work at 50 meters underground.
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