According to the Public Relations Department of Pars Tamin, the company, which is a subsidiary of SadrTamin Investment Holding (TASICO), is set to make its initial public offering (IPO) in the capital market in the near future as a project fund.

Given its exceptional gold reserves and ongoing development projects, the company has the potential to become the largest gold mine and gold-producing company in the country and, according to available figures, to maintain continuous growth over the coming decade.

Mohammad Nabi Nouri, CEO of Pars Tamin, provided an update on the company’s development projects and financial performance, stating:

“The company’s most important project is located in Sistan and Baluchestan Province, in the counties of Taftan, Khash, and Mirjaveh. This mine is one of the country’s largest mineral reserves and has obtained both its discovery certificate and mining license.

“Based on the initial reserves, the construction of a processing plant with an annual production capacity of 443 kilograms of gold bullion was initiated. The project has now achieved more than 65% progress, and we expect the plant’s first production to be delivered by September 22 of this year, effectively marking our entry into the commercial production phase.

“Nouri continued: “As a result of the measures undertaken, we have obtained exploration licenses covering approximately 240 square kilometers and have access to highly promising areas. Based on our implemented plans, we expect to carry out approximately 200,000 meters of exploration drilling. The drilling conducted so far has produced highly promising preliminary results. Based on the core samples obtained, we expect to identify significant reserves. Alongside gold exploration, exploration activities for copper and molybdenum are also underway.

“Our recent exploration activities have also identified significant reserves, and further drilling will help increase our overall resources. We believe that once the exploration program is completed, the project could become one of the world-class mines.”

The CEO of Pars Tamin stated: “Based on the initial mining license, we have 24 million tons of gold-bearing mineral reserves. The probable resource estimate is 48 million tons, and the mining license was also issued based on these assumptions. However, based on the exploration activities we have conducted so far, we have reached more than 60 million tons of proven reserves. By completing the exploration program, we will achieve our objective of establishing a world-class resource. All available evidence and indications support this outlook, and our exploration activities in the areas surveyed so far have achieved an approximately 100% success rate.”

He added: “We also have highly prospective areas in which exploration activities are underway, and the results from these areas are expected to be significant as drilling expands.”

In response to a question about whether the 60 million tons of proven reserves would consist entirely of gold, Nouri said: “According to current standards, each ton of the 60 million tons of mineral reserves contains approximately 1.3 grams of mineralized material. If we consider 60 million tons at a grade of 1.3 grams per ton, which is an economic grade, this would amount to approximately 70 tons of gold bullion. The extraction and recovery method, stripping ratio, and other factors all require detailed calculations, and approximately USD 1 billion in investment would be required for this operation.”

Regarding investments made to date, the CEO of Pars Tamin said: “More than IRR 10 trillion has been invested so far. Our development plans extend through 2034 (1413 in the Iranian calendar). An important aspect of this investment is our effort to avoid cash outflows in order to advance our development objectives. We have a 90% profit distribution, which will be returned to the company’s capital account. Based on our plans, we will certainly become one of the world-class mines in the future. Globally, the value of shares in companies similar to ours changes based on the results of exploration drilling.”

He added: “This investment represents a very good opportunity. Worldwide, investment in mining companies is considered one of the most reliable forms of investment, and TASICO’s investors are currently benefiting from this opportunity.”

Regarding the expansion of the gold processing plants, he said: “Based on the studies conducted and the new exploration results, we have the potential to double the plant’s 443-kilogram capacity within six months. This plant has been established to process high-grade mineral material, and its expansion is also on our agenda.

“We are also planning a plant with a 5-million-ton annual feed capacity and annual production of 5 tons of gold. Initial studies have been completed. The project has a highly attractive IRR and a significant NPV, and based on this NPV, the value of Pars Tamin will undergo a major transformation.

“The plan is to establish a facility capable of processing 5 million tons of feed per year, with an average grade of 1.3 grams per ton, enabling annual gold production of up to 5 tons. We expect the facility to become operational within three years. By the end of 2028 (1407), we expect gold production to reach approximately 6 tons, and if further exploration is successfully completed, there will also be potential to expand the 5-million-ton plant.”

Nouri also highlighted the advantages of the mine, stating: “Our exploration activities have also identified potential for copper production. Fortunately, the mineral zone we have explored contains no significant harmful or undesirable elements such as arsenic or titanium. Due to the morphology of the region, the area has minimal environmental pollution potential, and our processing tests did not identify any problematic elements.”

Regarding the company’s other development projects, the CEO of Pars Tamin said: “In line with the policies of SHASTA and SadrTamin Investment Company to invest in less-developed regions, we have a lime-based paper production project in Ilam Province. Under the initial plan, we intend to produce 5,000 tons of stone paper annually. This project is environmentally friendly, and once it reaches its objectives, further development plans will also be implemented.

“We also have a silver project, for which we have completed preliminary studies, processing tests, resource estimation, exploration activities, and related assessments. This is another promising project, and our initial exploration has identified significant reserves.

“In this project, the company is acting as the project operator. In accordance with SadrTamin Investment Company’s strategy, following full implementation and commissioning, the project will also be transferred to Pars Tamin Mining Development Company.”

Nouri also referred to the company’s growth in financial indicators, stating:

“One of the most important developments Pars Tamin has experienced in recent years has been the upward trend in its book value. In 2020 (1399), the company’s book value was five times higher than in 2019 (1398). In 2021 (1400), it doubled, and in 2022 (1401), it increased sixfold. We expect this figure to grow fourfold in 2023 (1402). This trend demonstrates the company’s significant growth trajectory.”

He continued: “The company’s registered capital also increased approximately 23-fold between 2020 and 2021. In 2022, the company’s capital increased fivefold, and in 2023, we expect it to increase threefold.”