Iran's copper exports hit $700mln

The value of Iran's copper exports in the last 11 months hit $700 million despites the sanctions and restrictions imposed by the West on Iran's economy. Tallies show that the exports which include copper cathode, refined copper, copper tube, wire, copper strip, copperplate, copper ore and its concentrates, molybdenum and formolybdenum oxides and hydroxides were mostly received by markets of the UAE, Turkey, Saudi Arabia and China. The exports came while the western states have recently intensified sanctions against Iran in a bid to limit its economic exchanges with other countries. National Iranian Copper Industries Company's exports in 2011 reached $1.3bln. Iran owns three percents of the world's copper reservoirs and is ranked as the best 10 countries in the world. It is the largest copper producer in the Middle East. Reports show that despite the hostile policies and moves of the United States and its European allies, Iran has shown a promising trend of growth in area of economy. The latest statistical figures presented by the Iranian commerce and economic bodies, the country has experienced a five-time growth in exports to over 160 world countries, while it imports have increase by 200% during the last 8 years. Iran is under four rounds of UN Security Council sanctions for turning down West's calls to give up its right of uranium enrichment. The United States and its allies accuse Iran of pursuing a military nuclear program and have used their influence on the UN Security Council to press for fresh sanctions against Tehran. Iranian officials have repeatedly refuted the accusations, arguing that as a signatory to the nuclear Non-Proliferation Treaty (NPT) and a member of the International Atomic Energy Agency (IAEA), Tehran has the right to use civilian nuclear technology.