Economy, Business And Markets

Gold Mine Development in New Phase

Gold Mine Development in New PhaseGold Mine Development in New Phase

The second development phase of Zarshooran gold mine in West Azerbaijan Province has started, with the capacity to produce 3 metric tons of gold bullion per year, the Iranian Mines and Mining Industries Development and Renovation Organization’s (IMIDRO) public relations office reported on Sunday.

Zarshooran gold mine was initially reported to have 55 tons of proven reserves but further explorations increased the proven reserves to 110 tons. Officials are expecting the figure to increase up to 150 tons upon further exploration.

The first phase of Zarshooran mineral plant was inaugurated by vice president Es’haq Jahangiri in November last year with the aim of increasing the country’s annual gold output to more than 5 tons. As much as 1.7 trillion rials ($61 million based on official currency exchange rate) was invested in the first phase of the project.

IMIDRO has started the process of selecting a qualified contractor for engineering, procurement and construction (EPC) of the project. The organization has imposed conditions regarding the technical capabilities of the bidders for the 24-month project, regarding their experience for implementing EPC projects and the contractors’ qualification certificate.

The applicant companies can submit their applications to IMIDRO’s Trades Commission before March 18 and present their bids by April 14, according to the announcement by IMIDRO.