In a strategic economic pivot, Iran’s First Vice President Mohammad Reza Aref announced plans to reduce the country’s reliance on oil by expanding the mining sector. Speaking at a meeting with the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) on June 5, Aref emphasized the sector’s role in reshaping Iran’s economy.
Iran, home to the world’s second-largest natural gas and fourth-largest oil reserves, seeks to diversify its economy. In 2024, the mining sector contributed 7% to GDP, according to the Central Bank of Iran. The government now plans to invest $5 billion by 2027 in mining projects focused on copper, iron ore, and rare earth elements.
Aref criticized environmental narratives promoted by advanced economies, stating that slogans like “carbon-free and plastic-free development” are politically motivated rather than environmentally driven. He argued that such rhetoric aims to restrict the growth of carbon-reliant nations, despite Iran accounting for only 0.7% of global CO₂ emissions in 2023, as reported by the Global Carbon Project.
With 68 types of mineral reserves, including zinc and phosphate, Iran ranks among the top 10 mineral-rich countries globally. The nation’s long-term Vision Plan seeks to reduce oil’s share in GDP from 30% in 2024 to below 20% by 2030, with mining playing a central role in this transition.
To advance its agenda, Iran will promote its mining strategy at the BRICS economic forum in Moscow in July 2025, seeking increased investment from China and Russia. IMIDRO also plans to launch three major mining projects in Sistan-Baluchestan and Kerman provinces by late 2025, targeting $1.2 billion in annual exports.
