Iran eyes 7 tons of annual gold production by 2018

Business Materials 21 July 2015 16:45 (UTC +04:00)

Baku, Azerbaijan, July 21

By Umid Niayesh - Trend:

Iran's annual gold output is projected to reach seven metric tons by 2018 by completing the projects that are underway currently.

Iran's largest gold processing complex, Zarshouran will share six metric tons of that figure, Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) said July 21.

Located near the city of Takab in Iran 's northwestern West Azerbaijan province, the complex will increase its current output of three metric tons by 100 percent in the course of three years.

It was earlier reported that while the complex's second phase comes on stream by 2018 its gold production capacity would be doubled.

The Zarshouran gold mine holds 110 metric tons of proven reserve. Projections are for some 700 kilograms of gold ingots to be produced in East Azerbaijan province's gold mines by 2018, according to the report.

Arghash gold complex located near Iran 's eastern city of Neyshabur will produce 300 kilograms of gold ingots per year by 2018 as well.

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.

Edited by CN

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