BREAKING: Iran Discovers Major New Gold Deposit In Key Mining Site— Reports

BREAKING: Iran Discovers Major New Gold Deposit In Key Mining Site— Reports

Iran has uncovered a significant new gold deposit at one of its largest mining sites, according to local media reports on Monday.

The newly identified vein was detected at the privately run Shadan gold mine in South Khorasan Province, which the Fars news agency described as “one of the country’s most important” gold sites.

Officials confirmed that the new reserves have been verified by the Ministry of Industry, Mines and Trade.

Experts note that the newly found vein type is typically easier and cheaper to extract.

“The proven reserves of the Shadan gold mine in the east of the country have experienced a significant increase following the discovery of a vast gold vein,” the report said.

It added that the vein holds some “7.95 million tonnes of oxide gold ore and 53.1 million tonnes of sulphide gold ore.”

Although Iran has not publicly disclosed the size of its total gold reserves, authorities say the country has stepped up its gold purchases in recent years.

In September, Central Bank governor Mohammadreza Farzin stated that Iran ranked among the world’s top five gold-buying central banks in 2023–2024, according to ISNA.

Another central bank official, Yekta Ashrafi, told local media that strengthening the nation’s gold stockpile could help buffer the economy, which remains heavily strained under international sanctions.

Iran currently operates 15 gold mines, with Zarshouran in the northwest standing as the largest.

The economy has been battered by U.S.-led sanctions linked to accusations—repeatedly denied by Tehran—that it is attempting to weaponise its nuclear programme.

Economic pressures have deepened following the recent 12-day conflict sparked by Israel’s unprecedented strike on Iran, during which the United States briefly joined in targeting Iranian nuclear facilities.

Amid soaring inflation and the persistent decline of the rial, many Iranians continue to turn to gold as a safe-haven asset.

On Monday, the U.S. dollar traded at roughly 1.17 million rials on the informal market, while the euro hovered around 1.36 million rials, according to rate-tracking platforms Bonbast and AlanChand.

AFP