Iran inaugurates new gold plant to dodge sanctions from West

New gold-processing plant opened in Iran in a move to boost Iran’s economy during harsh sanctions placed by the West

A labourer works on the gold bars which are going to be melted in a smelter at a plant of gold refiner in Istanbul

Iran has opened a new gold-processing plant, a move made to “resist” economic sanctions placed on the Islamic Republic by the United States. The Islamic republic produces close to 3 tons of gold a year, one of the countries highest exports. The new gold –processing plant will reportedly double Iran’s gold production.

Iran, which continues to develop its military and nuclear capabilities, has been in negotiations with the West, a final deal deadline set for November 24. World powers and the United States have been in ongoing talks with Iran agreeing to lessen sanctions if Iran cooperates and alters in nuclear program.

The deadline was extended an additional six months in July.

Sanctions have been placed on Iran’s exports, major sanctions placed on Iran’s oil exports. Sanctions have been in place since 2012, Iran faced with major economic blows as a result. Iran holds major clients such as India, China, Japan and South Korea, a reported 6.6 % decrease in imports in the past year.

Iranian First Vice President Ishaq Jahangiri attended the inauguration of the gold-processing plant on Saturday. The plant will reportedly additionally produce over 2.5 tons of silver and 1 ton of mercury annually.