Iran Finds Deposit With 8m Tons of Gold Reserves

IRAN NEWS NATIONAL DESK

TEHRAN – Iran has made a gold discovery in southeast Sistan and Baluchestan province, where definite reserves of 8 tons of the precious metal have been found, a provincial official says.

“The discovered gold mine in Sistan and Baluchestan is one of the economic mines of the country that was recently identified and after a long time, its exploration and survey stages were completed and the license for exploration of the mine with a definite reserves of eight tons of gold was issued,” the province’s under-secretary for economic affairs Mandana Zanganeh said.

“For exploration, the call for attracting investors will be published by the end of Mehr (on Wednesday), so that the capacities of this zone can be used for the economic prosperity of the region and creation of jobs,” Tasnim news agency quoted her as saying.

Zanganeh called Sistan and Baluchestan the “mineral rainbow” of Iran, where there are some of the most economic mines with reserves of antimony, titanium, copper and gold.

The copper mine is one of the high-grade prospects discovered in the province, which is in the phase of exploratory studies about to be completed by the end of the current Persian year in March 2021, she added.

“The copper reserves identified at the mine are expected to reach 400 million tons, but this amount can increase significantly after the exploration is completed.”

According to Zanganeh, about 60 percent of Sistan and Baluchestan has been surveyed in recent years and up to 200 mineral prospects have been identified.

“Studies on large antimony, titanium, copper and gold mining projects, which are among the country’s economic mines, have been completed or are in progress and will be completed by the end of the year,” she added.

Zanganeh said major companies have announced readiness to invest and establish mineral processing industries in the province.

Sistan and Baluchestan is home to a titanium mine, with officials saying in the past that more than $4.2 billion of investment was needed to bring it fully online.

Fanuj is estimated to sit on 3.6 billion tons of titanium ore reserves. It includes a cluster of 30 deposits, each able to yield 1 million tons of titanium ore per year.

Titanium is the strategic metal of the century, named after the powerful Titan gods in Greek mythology. Because of its strength, light weight and corrosion resistance, the metal is highly prized in aircraft manufacturing, with further applications in military, aerospace, marine industries, dental implants and industrial processes.

According to provincial officials, more than 80 mines of titanium, iron ore and copper have also been explored in Fanuj.