Iran to replace oil revenues with mineral incomes

Iranian President Mahmoud Ahmadinejad has said that his country can replace its oil revenues with mineral incomes within a few months.

"I believe that different capacities of the mining sector can be activated within five to six months with the goal of substituting the oil sector," Ahmadinejad said.

The sanctions on energy sector of the country should be seen as an opportunity toward developing the mining sector, he added.

According to Iranian deputy minister of industry, mines and trade Vajihollah Jafari, exports of the country's mineral industries grew by 38 percent in the past Iranian calendar year (which ended March 20, 2013).

Iran's cement exports touched 13.5 million tons in the one-year period, predicting that the inauguration of new projects will see national cement production capacity rise by further 6.7 million tons by March 2014, he added.

Iran is among the 15 major mineral- rich countries of the world and exports its industrial and mineral products to 159 countries, including Iraq, China, the United Arab Emirates, India and Afghanistan, reported Tehran Times.