Sudan signs nine concession agreements for gold

The Hassai gold mine in Sudan. Sudan recently signed nine concession agreements for gold and copper mining with eight local and foreign companies. Image credit: Flickr

By: This article was first published by Reuters

27 June 2021 – According Sudan the Sudanese state news agency Suna, Sudan recently signed nine concession agreements for gold and copper mining with eight local and foreign companies.

According to Mohamed Bashir Abdalla, the Mister of Minerals in Sudan, all the agreements are related to gold mining except one for copper.

Three companies from Iraq, China and South Africa won four gold mining concessions, and a fourth one from Armenia won the single copper concession, the Suna report stated. Four local Sudanese companies took four gold concessions.

The concession areas are located in the Red Sea State, the West Kordofan state and the Northern State.

Sudan sold 13 328 kg of gold worth USD437.98-million from 2015 to 2020, Abdalla reportedly said last week, compared with 2 753 kg worth USD140.81-million from June 2020 to February 2021.

Gold sales from March to May reached USD36.3-million, the minister said during the concession agreements ceremony.

Sudan took steps last year to open-up trade in the precious metal sector with private investors, allowing them to handle all exports and taking the business out of state hands.

Sudan has been cracking down on gold smuggling to generate more foreign currency. For years, the central bank had a monopoly on exports, buying gold locally at fixed prices at collection sites nationwide, which led to the illegal trade.

The country also had approved the establishment of stock exchanges for gold, minerals, and agricultural commodities.

This article was first published by the international news agency Reuters.

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