TEHRAN, Iran, July 11. Separating the Sungun Copper Mine from the National Iranian Copper Industries Company (NICICO) is legally possible based on the trade law, the Deputy Minister of Mines in the Ministry of Industry Mine and Trade Reza Mohtashamifar told Trend.
"According to the law, the company can merge or divide and its shares will not change," he said.
Mohtashamifar pointed out that the mine resources in each province are allocated to the province and therefore Sungun Copper Mine is assigned to be run by East Azerbaijan Province.
He went on to say that separation of Sungun Copper Mine from the NICICO will not change the regional employment.
Mohtashamifar stressed that the government is already spending the revenues of copper mines in the East Azerbaijan Province.
East Azerbaijan Province is responsible for Sungun Copper Mine management and the government has concluded to divide the Sungun Copper Mine Company and the National Iranian Copper Industries Company (NICICO).
The Iranian President Ebrahim Raisi has recently approved the allocation of Sungun Copper Mine and its revenues to the East Azerbaijan Province. Sungun Copper Mine is located in Varzaqan County at East Azerbaijan Province.