Tehran- Pars Tamin Mines Development Company — a leading subsidiary of Sadr Tamin Investment Company — will have initial public offering (IPO) in the stock market soon, said company’s chief executive.

Mohammad-Nabi Nouri, CEO of Pars Tamin Mines Development Company, said at the annual general meeting on Thursday, June 1, that operation to build the gold plant of the company made a progress of 53 percent in the financial year to March 20, 2023.

Nouri added that the plant would have a capacity to produce 443 kilograms of gold bar, predicting that it would start production of its first gold bars in late September with a high-grade of 3 parts per million (PPM 3), bourse24 reported.

The managing director said that the project to develop the unit to have an output of 1,000 kilograms was on the agenda considering the ongoing gold mine explorations would lead to the increase in reservoirs.

Other development projects, he said, would be the launch of a 5-ton gold processing plant with a grade of 1 and 3 PPM, adding that the study process of the project was underway at present. 

Nouri explained that an environment-friendly stone paper project was under development with a progress of 52 percent, adding that an annual 5,000 tons of paper stone would be produced from calcium carbonate when the project was complete.

The stone paper manufacturing line had advanced equipment, which was imported, he noted.   

The value of the company increased by five folds between the financial years to March 2020-2021, he said, adding that the value had a five-fold jump in the financial year to March 2022 and six-time increase in the financial year to March 2023, the official said.

Nouri forecasted a growth of three folds in the financial year to March 2024.

The CEO also said that total assets of the company increased from 1.77 trillion rials in the financial year to March 2014 to 8.17 trillion rials in the financial year to March 2022, showing a growth of more than 4.5 times, which was unprecedented among domestic companies.

He promised that the growth of the company would continue in the financial year to March 2024 given the high development projects, which were underway, by the company.