Iran hopes to raise gold production by 350%

Surrounded by stringent sanctions and a falling currency, Iran is desperate to increase gold production to bypass a possible economic stalemate.

According to a top executive of Iranian national copper industry, successful implementation of the program on development of the copper industry can also increase the volume of gold production by upto 350 percent.

He noted that gold is a secondary product of the copper industry. At the moment, 650-700 kg of gold is produced from copper annually, and this amount can be raised to 2.5 tons.

Meanwhile, Iran’s central bank prohibit trading in foreign currency outside of banks or licensed money changing operations.

Analysts said the decision marks the latest step by the government to curb the steep depreciation pressures on the Iranian rial, which has shed roughly 40 percent of its value against thedollarsince December 2010. – BullionStreet

Tags: Iran gold production

Posted by admin on Jan 17 2012. Filed under Gold mining. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry