Finnish mining company Outotec, a global leader in the supply of technical solutions for the mining and processing and metallurgical industries, will withdraw from Iran due to new US sanctions, a company spokeswoman said on Monday.
Outoteс builds factories, manufactures equipment and offers services for the metals and mining industry, has a long history in Iran and has remained in the market after the US imposed sanctions against Iran in 2010.
Business began to normalize following the 2015 nuclear deal with Iran, helping Outotec secure orders from the National Iranian Copper Industry (NICICO) and the Iranian International Engineering Company (IRITEC).
The latest sanctions against Iran follow the decision of US President Donald Trump to withdraw from the nuclear deal with Tehran. New sanctions have forced companies across Europe to rethink their investments.
Some sanctions against Iran were renewed on August 6, while some others will come into force on November 4.
“We are complying with all existing sanctions. Our projects in Iran are already in their final stages ... and we aim to complete our projects by November 4th, ”said spokeswoman Eila Paatela.
Outotec did not disclose the total volume of its business in Iran, but said in May that the market did not represent a significant share of its global sales of about 1.2 billion euros ($ 1.41 billion).
The NICICO order is for two sulfuric acid plants for copper smelters, worth about 50 million euros. The IRITEC order is for the development of a 45 million euro technology for a cast iron plant.
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