Molybdenum Discovered in Iran

The Tehran Times reported that a molybdenum deposit with estimated reserves of 21.7 million tons has been discovered in Iran.

As quoted in the market news:

Iran’s mineral reserves rose by 1.56 billion tons in the past Iranian calendar year, which ended on March 20.

In January, IRNA quoted ex-Iranian Industry, Mine, and Trade Minister Mehdi Ghazanfari as saying that Iran’s existing mineral reserves will sustain for 140 years if 400 million tons of the reserves are extracted annually.

Iran’s discovered mineral reserves are valued at over $770 billion, he noted.