Tehran- A Historic Step in Iran’s Precious Non-Ferrous Metals Industry/Taftan Gold Extraction Project Company Joins Fara Bourse

Amir-Hossein Naderi, CEO of Sadr Tamin Investment Company (TASSICO), said that the Taftan Gold Extraction Project Company was listed in the Iran Fara Bourse Securities Exchange.

In a video addressing the company’s shareholders on Sunday, October 15, Naderi noted that the promise made by TASSICO to the shareholders at the annual general meeting had been fulfilled and the Taftan Gold Extraction Project Company joined Fara Bourse

He added that Taftan Gold Extraction Project Company would start operation within the next month to produce 500 kg of gold annually.

The chief executive said that the gold would be supplied to the complex from the Madofti mine with a deposit of 100m tons of gold with an average grade of 2 parts per million (ppm), adding that after starting the factory, the development phase would be carried out to increase production from 500 kg to 1000 kg per year, and eventually a huge production project of annual 5,000 kg of gold was on the agenda.

Referring to the country’s need for the precious metal, the CEO of Sadr Tamin Holding explained that the country’s demand for gold stood at 100 tons while a total of eight to nine tons of gold was produced now. “The production of Taftan gold factory will significantly increase the country’s gold production,” he stressed.

The vice chairman of the board of directors of TASSICO said that the gold extracted would be sold through the commodity exchange (Fara Bourse).

Naderi termed the establishment and equipping of the Taftan gold factory in less than 18 months as an acceptable record in terms of launching industrial plants in eastern parts of the country.

The Taftan Gold Extraction Project Company is the second stock company whose shares were listed on the commodity exchange in Iran. The project was the result of the efforts and follow-ups of the Sadr Tamin Company and Pars Tamin Mine Development Company (workers, employees, and managers).

It is hoped that given the unprecedented profitability of TASSICO in the last financial year to March 2023, the launch of the Taftan gold project will benefit the Iranian people in general and the respected shareholders and the honorable people of Sistan and Baluchestan in particular and will also create wealth for the nation.

Madofti gold mine is located in Taftan in the southeastern province of Sistan-Baluchestan with more than 100m tons of proven gold reserves. It has the largest reserves among Iran’s gold mines. The gold extraction unit in Taftan, which has been underway since 2022, is set to produce half a ton of gold bars each year and employ 150 workers.

Watch the full speech of Amir-Hossein Naderi, CEO of Sadr Tamin Investment Company (TASSICO), on the Iranian video-sharing service Aparat (https://www.aparat.com/).