Iran announces discovery of major gold deposit, local media reports

Iran has announced the discovery of a major gold deposit at one of the country’s biggest mines for the precious metal, local media reports.

The new vein structure was found at the privately owned Shadan gold mine in the eastern province of South Khorasan, which the government-affiliated Fars news agency describes as “among the country’s most important.”

The agency says the new reserves have been officially validated by the Ministry of Industry, Mines and Trade. It added that the vein holds some “7.95 million tons of oxide gold ore and 53.1 million tons of sulphide gold ore.”

The former is usually significantly easier and cheaper to mine.

Iran has not officially disclosed the amount of its national gold reserves but claims to have significantly increased its purchases in recent years.

In September, Iran’s Central Bank governor Mohammadreza Farzin said the bank was one of the world’s top five gold-buying central banks in 2023-2024, according to ISNA news agency.

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Local media also quotes central bank official Yekta Ashrafi as saying that boosting the gold reserves would help bolster the country’s economy under the weight of international sanctions.

Iran has 15 gold mines, with the largest being the Zarshouran mine located in the country’s northwest.

Iran’s economy has been crippled by sanctions imposed after the United States and Western capitals accused Tehran of seeking to weaponize its nuclear program — an allegation Tehran consistently denies.

The country’s economy has come under further strain since the 12-day war between Israel and Iran, during which the United States struck Iranian nuclear facilities.

Gold is also a safe haven for many Iranians whose purchasing power continues to erode due to soaring inflation and the chronic depreciation of the rial against the dollar.