A statement posted by Zarshouran Gold Mine on the Iranian stock market website showed an increase in annual production of the mine by 0.963 MT from calendar year to March 19, 2024, to 0.023 tonnes (MT), according to a report on Saturday by Fars News News.
The mine said it spent 4.31 million rill ($7 for an average annual price) on producing each gram of gold annually from late March 2024 to late March 2024.
We did not provide a detailed explanation of the current gold reserve size.
Zarshouran is located in Iran’s Western Azabaijan province and is owned by the state-run metals and mining company Imidro. The mine said the gold ore deposits, which were proven last November, had increased from 27 million MT to 43 million MT.
However, a similar statement from Mouteh Gold Mine, Iran’s second largest gold mine located in central Isfahan, showed its production was 0.246 mt, down 0.19 mt in a year from late March 2024.
Mouteh’s statement did not mention why production declined, but showed that the mine now owns 1.44 mt of gold.
Iran produces 1.2 mt of gold each year, and is mainly supplied to domestic gem producers.
Experts say Iranian gold miners are planning to attract large investments amid record gold prices that have improved profit outlook and boosted cash flow to the sector.
Spot Gold rose 0.6% to $3,074.43 on Friday, down one ounce after hitting $3,086.70 at its 18th high this year.
Bullion closed at 82,866,200 rill per gram in Iran on Saturday, but the market was semi-closed due to a holiday marking the new Persian year.
MP/