Iran has declared the discovery of a significant gold deposit at one of its largest mines for the precious metal, as reported by local media on Monday.
The newly identified vein structure was located at the privately owned Shadan gold mine in the eastern province of South Khorasan, which the Fars news agency referred to as “one of the most crucial in the country.”
According to the agency, the new reserves have received official validation from the Ministry of Industry, Mines and Trade.
“The confirmed reserves of the Shadan gold mine in the eastern region of the country have seen a considerable increase following the identification of a large gold vein,” the report stated.
It further noted that the vein contains approximately “7.95 million tonnes of oxide gold ore and 53.1 million tonnes of sulphide gold ore.”
The former is typically much easier and less expensive to extract.
Iran has not publicly revealed the total amount of its national gold reserves but asserts that it has significantly ramped up its purchases in recent years.
In September, Mohammadreza Farzin, the governor of Iran’s Central Bank, indicated that the bank ranked among the top five gold-buying central banks globally for 2023-2024, as reported by the ISNA news agency.
Local media also cited central bank official Yekta Ashrafi, who stated that increasing gold reserves would aid in strengthening the country’s economy amidst the burden of international sanctions.
Iran operates 15 gold mines, with the largest being the Zarshouran mine situated in the northwest of the country.
The Iranian economy has been severely impacted by sanctions imposed following accusations from the United States and Western nations that Tehran is attempting to weaponize its nuclear program—an allegation that Tehran consistently refutes.
The economy has faced additional pressure since the 12-day conflict initiated by Israel’s unprecedented assault on Iran, during which the United States briefly collaborated with Israel in targeting Iranian nuclear facilities.
Gold serves as a safe haven for many Iranians, whose purchasing power continues to diminish due to rampant inflation and the persistent devaluation of the rial.
