Georgia to invest $40 million in Iranian gold mine
Baku, Azerbaijan, Jan. 11
By Rahim Zamanov - Trend:
Georgia plans to invest $40 million in Iran's Andarian gold mine, located in the north-eastern Kharvana region, the governor of Kharvana, Davoud Amnzadeh, said on January 11, the IRNA News Agency reported.
"A plant will be constructed in the region," Amnzadeh said, adding that Georgian investors will own 90 percent of the plant's shares.
"Once the plant comes on stream, over 600 direct and indirect job opportunities will be created," he said.
The plant will have the capacity to produce 2 tons of gold concentrate (60 percent gold and 40 percent silver).
In May, Behrouz Borna, the Geological Survey of Iran deputy director announced that the volume of Iran's gold reserves is estimated to be over 340 tons.
Iran ranks 12th in Asia and 42nd in the world in terms of gold reserves, Borna said.
He added that the country's annual gold production is projected to hit 10 tons in the current calendar year, which ends on March 20, 2014.