Nearly 61 million tons of gold reserves have been discovered in one of Iran's largest mines. Local media reported on December 1 that the discovery is expected to contribute significantly to the country's sanctioned economy. Al Arabiya reported this.
It was reported that new gold reserves were discovered in a private Shadan gold mine in the Khorasan province. This deposit is expected to become one of the most important deposits in the country. The find was officially confirmed by the Ministry of Industry, Mines and Trade. In addition, in the mine:
-7.95 million tons of oxidized gold;
-There are 53.1 million tons of sulfide gold ore.
Oxidized ore is much easier and cheaper to extract, which allows for increased economic benefits.
Although Iran has not specified the official amount of its national gold reserves, there are reports that it has significantly increased its gold purchases in recent years. According to ISNA news agency, Mohammadreza Farzin, head of the Central Bank of Iran, stated in September that the bank was one of the five central banks in the world to buy the most gold in 2023-2024.
Central Bank spokesperson Eekta Ashrafi stated that increasing gold reserves is expected to play an important role in strengthening the economy under the pressure of international sanctions. Iran has 15 gold mines, the largest of which is the Zarshouran mine, located in the northwest of the country.
Devaluation of the rial
At the same time, due to high inflation and the constant devaluation of the rial against the dollar, gold is considered a safe source of money for many Iranians. According to the exchange rate tracking sites Bonbast and AlanChand, on December 1, the US dollar was sold on the unofficial market for about 1.17 million riyals, and the euro for about 1.36 million riyals.
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