Sudan to export its first shipment of refined gold

October 11, 2012 (KHARTOUM) – Sudan is set to ship the first batch of gold coming out of the refinery inaugurated last month according to an official in Khartoum.

The director of the refinery, Azhari al-Tayeb Faki Ahmed told Sudan’s news agency (SUNA) that the shipment is worth $5.6 million but did not specify where it is destined.

Ahmed added that the refinery produces 300 kilograms of gold per shift which he noted is equivalent $17 million under current prices.

He pledged an increase in gold exports over time.

In September, Sudanese president Omer Hassan al-Bashir inaugurated the country’s first gold refinery in a fresh bid to lift an economy still struggling from the impact of losing the oil-rich south last year.

Sudanese officials say that they are capitalizing on increased gold mining activities primarily by ordinary citizens as well as foreign companies. They project around $3 billion in gold exports this year.

But some analysts are skeptical that the gold production will offset only a tiny fraction of the lost oil revenues. So far there is no evidence that the new discoveries have helped to shore up the budget deficit or boost foreign currency inflows.

(ST)