Iran Announces Discovery of Massive Gold Reserves

Iranian authorities have announced the discovery of a vast gold reserve. Officials stated that the deposit was found in Shadan, one of the country’s largest gold mines. Local media reported the development on Monday (1 December).

Fars News Agency described the new reserve, discovered in the privately owned Shadan gold mine in the eastern South Khorasan province, as one of the country’s significant mining assets. The Ministry of Industry, Mine and Trade has already confirmed the authenticity of this new discovery.

With the new find, the total gold reserves of the Shadan mine will increase substantially. The site contains approximately 7.95 million tonnes of oxide gold ore and 53.1 million tonnes of sulphide gold ore. The relatively easy-to-extract oxide ore is viewed as a major advantage for the country’s mining sector.

Iran has never publicly revealed the exact amount of its national gold reserves. However, gold purchasing has risen notably in recent years. In September, Central Bank Governor Mohammad Reza Farzin stated that in 2023–24, the bank was among the world’s top five central banks in gold purchases. Officials believe that increasing gold reserves will strengthen the country’s economy as it contends with the pressure of sanctions.

Khaborwala/SS