Iran sees a big change in mining with gold prospecting

Iran sees a big change in mining with gold prospecting from PressTV

TDC Note – Is $4 trillion enough to get Iran out of any doghouse – you bet it is. If that $4 trillion is based on today’s “dollar” gold index, well, what will gold’s value be under a completely different system? My guess is more inline with reality thereby, providing an even more stable foundation for Iran to stand upon.  # END

Iran’s $4 trillion mining sector holds key to demolishing US sanctions

Iran’s $4 trillion mining sector holds key to demolishing US sanctions

With its oil industry under a strict sanctions regime, Iran is beginning to take
stock of its other resources and mining is emerging as a new bonanza field.

Iran has staked out 1,000 promising gold prospects which are thought to help carve out a niche as important as steel in the country’s mining sector, an official says.

Iran is a leading producer of steel in the world, with officials saying exports continue despite the US sanctions. It plans to raise steel output to 55 million tonnes a year by 2025, of which 20 to 25 million tonnes would be earmarked for export.

With its sprawling petroleum industry under a strict sanctions regime which has cut revenues, the country is beginning to take stock of its other resources and mining is emerging as a new field which Iran can count on for revenue generation.

The sector holds a key advantage over the oil industry: it is much harder to sanction the mining industry because of its immense diversity. From extremely sensitive radioactive materials to such ordinary substances as lime, the sector includes as many as 120 elements.

According to officials, possible gold bearing zones have been identified in 21 provinces across Iran. The country’s proven gold reserves are currently estimated at 340 metric tons lying in 24 mines.

However, with extensive prospecting this figure is thought to rise much higher.

“Iran now has a 1,000 promising prospects in the field of gold, and soon gold in Iran will play a role similar to steel,” Ministry of Industry, Mine and Trade’s Dariush Esmaeili told a mining forum in Tehran on Wednesday.

He said the country will soon bring online a new phase of gold production including all stages from extraction to processing, production of ingots and sale to the central bank. “This is the basis for a change in this field,” Esmaeili added.

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