Syndicate head: Iran to reactivate old gold mines

Business Materials 27 September 2012 14:10

Azerbaijan, Baku, Sept. 27/ Trend M. Moezzi

Dormant gold mines in Iran will become active again because of the precious metal's growing value globally.

Activating the closed mines is economically feasible even if it takes several years and they might have small ore deposits, Mohammad Kashtiaray, the head of Iran's Syndicate of Gold and Jewellery Sellers and Manufacturers, told the Islamic Republic News Agency (IRNA).

"Last year," said Mr. Kashtiaray," Iran exported $600 million (USD) in gold and jewellery to the Persian Gulf and Central Asian countries.

The syndicate head said he hoped marketing would yield even greater sales this year.

"Iran is the world's 54th biggest gold producer, mining between one and 1.2 million tons of the precious metal annually," said Mr. Kashtiaray who said gold and jewellery production have to be viewed as an industry that creates jobs and brings in foreign currency.