Iran has declared the discovery of a major new gold reserve within one of its leading gold mines, with the announcement carried by local media on Monday, AFP reported. The significant new “Shira” vein was located at the privately operated Shadan gold mine in the eastern province of South Khorasan. Fars News Agency described the mine as one of the nation’s most important mineral sites. According to the agency, the newly identified deposits have been officially confirmed by the Ministry of Industry, Mining and Trade.
The report added that the proven reserves of the Shadan gold mine have risen markedly after the discovery of the extensive gold vein. It specified that the mine now contains 7.95 million tonnes of oxide gold ore and 53.1 million tonnes of sulphide gold ore. Oxide ore is typically less complex and less expensive to extract. Iran has not formally revealed the size of its national gold reserves, although it maintains that gold purchases have increased significantly in recent years.
Last September, the Governor of Iran’s Central Bank, Mohammad Reza Farzin, stated that the bank ranked among the world’s top five purchasers of gold in 2023–2024. Local media, quoting Central Bank official Yekta Ashrafi, reported that strengthening gold reserves would help reinforce the country’s economy under the pressure of international sanctions. Iran currently has 15 gold mines, with the Zarshouran mine in the north-west being the largest. The country’s economy has been affected by sanctions imposed by the United States and Western governments after allegations that Tehran aimed to militarise its nuclear programme—claims Iran has consistently denied. The situation further deteriorated during the 12-day conflict triggered by Israel’s unprecedented attack, during which the United States temporarily aligned with Israel in targeting Iran’s nuclear infrastructure. With inflation at extreme levels and the rial continuing to lose value, many citizens now regard gold as a reliable store of wealth. On Monday, exchange rate tracking websites Bonbast and Alanchaand reported the US dollar trading at about 1.17 million rials on the informal market, while the euro traded at approximately 1.36 million rials.
Glive24/SS