Industry News II

New gold refinery opens in Sudan – Money Matters

September 21, 2012 No Comments »

Follow @ ShereeHanna

Sudan’s first gold refinery was been commissioned in a bid to help boost the country’s flagging economy.

The country is looking at alternative ways to boost its economy following the secession of South Sudan which resulted in the loss of three quarters of its oil production.

The new gold refinery situated in the Al-Hila Al-Jadida area north of capital Khartoum will produce 900kg of gold and 200kg of silver a day.

President Omer Al-Bashir officially inaugurated the refinery earlier this week. It is hoped it will improve the quality of gold exports and help to reduce the amounts of smuggled gold by paying a better price to local producers.

At the inauguration, Central Bank Governor Mohammed Kheir Al-Zuabir said Sudan had made 2.6 billion US dollars from selling 58 tonnes of golf over the past 16 months.

MORE from African Business Review

The loss of oil revenues created a budget deficit of 2.4 billion US dollars, but according to a recent report by the Arab League’s Arab Industrial Development and Mining Organization (AIDMO) Sudan has great mining potential.

Last figures produced by the minerals program of the US Geological Survey show that Sudan official gold production in 2009 stood at 1922 kilograms, but this figure does not account for unofficial gold production.

It was reported a few days ago by Sudan’s official news agency, that the government has issued more than 500 licenses to produce gold in the country's border state of Blue Nile, which is the scene of an armed conflict between the government and the rebel Sudan People's Liberation Movement North (SPLM-N).

Powered by WPeMatico

Leave A Response