Azernews.Az

Iran's proven gold reserves stand at 320 tons, IRNA news agency quoted deputy industry minister Masoud Movahhedi as saying.

He added that five gold mines are ready to be transferred to the private sector.

Iranian gold production currently stands at 2-2.5 tons per year, Deputy Industry, Mine, and Trade Minister Vajihollah Jafari said in October.

This is while some reports in September had put Iran's gold output at 4 tons a year, Iranian ISNA news agency reported.

Iran will soon start gold extraction works at three new gold mines in Iran's Kurdistan province, Jafari added.

Jafari said that the mines will be transferred to the private sector next month. He added that that there are some 16 tons of gold in all three mines valued around $1,305 billion.

Jafari said that the works on Kurdistani gold mines would help boost and increase annual production of gold in the country which currently stands at 2-2.5 tons per year.

"Within the fifth development plan, Iran should be extracting some 5 tons of gold per year. Adding three new gold mines in Kurdistan, as well as Takab gold mine in Western Azerbaijan province and Bazman gold mine in Sistan & Baluchestan province, Iran should be able to produce the desired 5 ton mark next year," Jafari said.

Iran currently has gold mines in Sistan & Baluchestan, Khorasan Razavi, East Azerbaijan, West Azerbaijan and Kurdistan provinces, it also has a joint gold mine in Isfahan and Markazi provinces.