[Ynet] As part of Iran's 'economy of resistance' to counter sanctions imposed over Tehran's contested nuclear program, gold production to double.Iranian state television
... and if you can't believe state television who can you believe?
is reporting that the country has inaugurated a new gold-processing plant that will double the country's annual production to 6 tons.
The report says First Vice President Ishaq Jahangiri attended the inauguration Saturday of the plant near Takab in northwestern Iran.
It says the new processing facility, built next to Iran's Zarshouran gold mine, also will produce an estimated 2.5 tons of silver and 1 ton of mercury a year. State television says Iran previously produced an estimated 3 tons of gold a year.
This is part of Iran's "economy of resistance" to counter sanctions imposed over Tehran's contested nuclear program. The Islamic Theocratic
Republicis currently negotiating a final deal over its atomic program with world powers.
Tough sanctions put in place in 2012 have reduced Iran's oil exports by more than half from around 2.5 million barrels per day (bpd).
Iran's biggest oil clients - China, India, Japan and South Korea - imported 6.6 percent less in September than a year ago, the first
on-year decline since December, but shipments rose back above the 1 million bpd mark allowed under the interim deal that eased Western sanctions.
Iran and the United States, China, La Belle France, Germany, Britannia and Russia agreed in July to extend the initial six-month interim accord to Nov. 24 after they failed to agree a final resolution to their dispute before the deadline.
Tehran would have to curb its nuclear work to ensure it cannot be applied to weapons in exchange for removal of the sanctions that have hobbled its oil-based economy by cutting off the flow of payments for its crude exports.
| Desperation? Their timing is not auspicious: |
[AnNahar] Gold consumption fell slightly in the third quarter as sliding jewelry demand in China offset strong growth in India, sector data showed on Thursday.
Overall demand dropped by 2.0 percent in the three months ending September 30 to 929.3 tonnes compared with the third quarter in 2013, the World Gold Council said.
"This quarter the market continued to find its feet after an exceptional 2013, with China catching its breath and buying in the build-up to Diwali driving Indian jewelry purchases," said Marcus Grubb, managing director of investment strategy at the World Gold Council.