Baku, Azerbaijan, Nov. 15
By Umid Niayesh - Trend:
Iran's largest gold processing complex, Zarshouran was inaugurated on Nov. 15, the country's state IRINN TV reported.
Iran's vice president, Eshaq Jahangiri attended the complex's inauguration ceremony. Zarshouran gold processing complex is located near Takab city, in Iran's north western West Azerbaijan province.
In the first step Zarshouran will produce 3 metric tons of gold ingots, 1.25 metric tons of silver ingots and 500 kilograms of mercury per year.
At present, Iran's public and private sectors produce 2.5 metric tons of gold and the complex will help increase gold production to 5.5 metric tons.
While the complex's second phase comes on stream by 2018 its gold production capacity will be doubled.
The Zarshouran complex uses a chemical method devised and registered by an Iranian firm to process gold.
The Zarshouran gold mine holds 110 metric tons of proven reserve.
Some 834 billion rials (about $31.17 million based on official rate of 26,757 rials per each USD) plus €15.2 million has been invested in the project.
Earlier in May 2013, deputy head of the Geological Survey of Iran Behrouz Borna announced that Iran's gold reserves are estimated to be over 340 metric tons.
Fifteen gold mines are being operated across the country, Borna said.
Iran ranks 12th in Asia and 42nd in the world in terms of gold reserves, he added