Iran has announced the discovery of large gold deposits at one of its biggest mines, according to local media reports on Monday.
The newly identified mineral vein was found at the privately owned Shadan gold mine in South Khorasan province in eastern Iran, which the Fars News Agency described as “among the most important in the country.” The Ministry of Industry, Mines, and Trade has formally verified the new reserves.
According to the report, proven reserves at the mine have increased significantly following the discovery, which includes approximately 7.95 million tons of gold oxide ore and 53.1 million tons of sulfide gold ore. The oxide ore, in particular, can be processed at a much lower cost and with greater ease.
Iran has not officially disclosed the total amount of its national gold reserves, but authorities have indicated that the country has substantially increased gold purchases in recent years.
