Iran Discovers Major New Gold Vein at Shadan Mine
Iran has announced a significant Iran gold discovery at one of its largest gold mines. Officials confirmed the new find at the privately owned Shadan mine in South Khorasan. The discovery marks one of the country’s biggest breakthroughs in recent years.
The new vein includes 7.95 million tonnes of oxide gold ore and 53.1 million tonnes of sulphide gold ore. Oxide ore is easier and cheaper to mine, which could make extraction faster and more profitable. The Ministry of Industry, Mines and Trade has officially validated the reserves. As a result, experts believe the Shadan mine may now hold far greater potential than previously estimated.
Economic Impact Amid Sanctions
Iran has not revealed the full size of its national gold reserves. However, officials say the country has increased its gold purchases to strengthen the economy. In September, Central Bank governor Mohammadreza Farzin stated that Iran ranked among the top five gold-buying nations in 2023–2024.
Gold has become a safe haven for many Iranians. Inflation continues to rise, and the rial keeps losing value against foreign currencies. On Monday, the dollar traded at about 1.17 million rials on the informal market. The euro stood near 1.36 million rials. These numbers highlight the growing pressure on everyday households.
A Boost for the Mining Sector
Iran currently operates 15 gold mines, including the large Zarshouran mine in the northwest. The latest Iran gold discovery strengthens hopes for improved revenue from the mining sector. Local experts say the find could help ease economic pressure caused by long-standing international sanctions.
While political tensions remain high, Iran views this discovery as a strategic opportunity. The expanded reserves may offer financial stability and support long-term development in the mining industry.
