As part of ongoing strategic discussions with capital market executives, this time it was the turn of the CEO of Sadr Tamin Investment Holding (Toseiko) to share with Sedaye Bourse his outlook, challenges, and future plans for this influential player in the commodities sector.
According to Sedaye Bourse, Alireza Siyasi-Rad, while emphasizing Toseiko’s development-oriented approach, announced the imminent launch of the Kurdistan Gold Project, Shiraz Fiberglass Project, and Alvand Tile Project. He stated that the ultimate goal is to secure a market share of more than 60% in Iran’s non-ferrous metals sector by the horizon of 1411 (2032). From his perspective, capital increases are on the agenda, while export expansion and internationalization are being pursued as two key strategies.
What are your long-term plans?
Sadr Tamin Investment Holding (Toseiko), given its unique portfolio in commodities, covering a broad spectrum of them, has set its main priority as enhancing shareholder wealth and profitability. In the short term, the first priority is completing unfinished projects, particularly the Kurdistan Gold Project, Shiraz Fiberglass Project, and Alvand Tile semi-slab porcelain project this year. Next, in line with the requirements of the Seventh Development Plan and optimal portfolio strategies, we seek to advance the company’s mission through optimal financing and internationalization via export development. Since the holding’s orientation is toward non-ferrous metals—where we already sell gold and silver on the Commodity Exchange—Toseiko’s key target by 1411 (2032) is to play the role of a major player with over 60% market share in this sector of Iran’s economy.
Do you have plans to increase capital? If yes, for what purpose?
Yes. Since the last capital increase was over three years ago—raising the company’s capital from 3,100 billion tomans to 6,750 billion tomans—the Board of Directors is considering another capital increase to cover investment expenses. The proposal will be announced to shareholders through the Codal system. Over this period, we made numerous significant investments, many of which are now operational, while three major projects are set to become operational this year.
Which companies do you plan to exit?
Legally, divestment from company ownership is required. Under the Seventh Development Plan, military and civilian pension funds must reduce their holdings in companies to below 20%. However, since Sadr Tamin’s investments provide sustainable income and strong backing for the Social Security Organization, companies in gold, copper, silver, and other non-ferrous metal sectors are exempt from this requirement.
What percentage of your gold bullion is currently sold on the Commodity Exchange?
Since January 2025, when gold extraction and 24-carat bullion production began—alongside silver production—all sales have been conducted through the Commodity Exchange as warehouse receipts. This deepens the Commodity Exchange market and fulfills our mission of enhancing transparency.
How much will Taftan Gold produce this year, and what is its maximum capacity?
Given the high grade of ore, this year we expect to produce over 340 kilograms of 24-carat gold bullion with 85% efficiency, although in testing we achieved up to 92%.
When will Kurdistan Gold enter production, and what is its capacity?
Kurdistan Gold is one of Toseiko’s main investment priorities and a highly promising project. We have excellent mines in this province, and we have also partnered in new mines. We estimate reserves at over 15 million tons of gold ore, ensuring sustainable feedstock supply. So far, we have invested over 1,500 billion tomans in Kurdistan Gold Development Company, and we expect it to become operational by the end of this year. Budget plans also include processing about 50,000 tons of ore for gold production.
What is your forecast for the price and market of gold?
Gold, as a safe-haven asset, is shaped by geopolitical conditions and central banks’ actions. We have never seen central banks purchase gold at today’s scale, pushing prices into new channels. Considering trade wars, tariffs, and global inflation, the global gold ounce is expected to stabilize above $3,300. Meanwhile, production continues to rise annually. This upward trend makes gold a solid inflation hedge for Toseiko’s shareholders.
How has the company’s export performance been compared to last year?
Since internationalization and export growth are among Toseiko’s key strategies—and indeed, survival requirements in today’s uncertain environment—our exports have grown year by year. We expect group exports to reach about $100 million next year.
Why did KZOGHAL see a decline in raw coal extraction and concentrate production last year? What are the prospects for next year?
The main issue was delays in overhauling the longwall set due to lack of prepared working faces, caused by difficult underground mining conditions. However, in recent months, especially this year, progress has accelerated significantly, with advances of more than 130 meters in some months. According to budgeted plans, the longwall set will be lowered for installation in September. This would enable mechanized coal production at Tabas Parvadeh Coal Company from late October, significantly improving the company’s profitability.
What are your plans for listing companies on the stock exchange or over-the-counter market?
Since the majority of Toseiko’s portfolio is already listed—making it one of the best and most transparent portfolios—future plans concern our gold-related companies. Decisions will be made based on the best interest of shareholders.

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