Outotec keeps reaping rewards from Iran

Restrictive measures against Iran have not deterred Outotec (OMX: OTE1V) from finding ways to do big business involving hi-tech mining industry solutions in the country. Yesterday the company announced it has received several orders for copper and molybdenum projects with a total worth of some 265 million Euros. Some 58 million will be booked in Q3 and revenues are expected to accrue gradually from this year until 2016. The customer is National Iranian Copper Industries Company's (NICICO), a subsidiary of state-owned Iranian Mines and Mining Industries Development and Renovation Organization. The individual projects in question are Khatoon Abad copper smelter, Miduk copper concentrator expansion, Nowchun copper and molybdenum concentrator and Sarcheshmeh copper concentrator expansion.