Sudan produces 78 tons of gold during three quarters in 2018
October 23, 2018 (KHARTOUM) – Sudan’s gold production has reached 78 tons until the third quarter of 2018 at a 112% performance rate, said the Sudanese Minerals Resources Company (SMRC), the monitoring arm of the Sudan Minerals Ministry.
The State Minister of Oil and Gas Awad al-Nil Dahia on Tuesday visited the SMRC headquarters to check on the company’s plan to promote mineral production in the country.
In statements following the visit, Dahia said he has been reassured about the progress of work at the SMRC, hailing the distinct performance of the company’s employees.
For his part, the SMRC general manager, Mujahid Bilal, said they would continue to promote mechanisms and policies to achieve the highest quality and excellence and contribute effectively to the economic stability in the country.
The SMRC was established in 2014. The Ministry of Finance owns 70% of the company’s share while the Ministry of Minerals and the Central Bank of Sudan own 15% each.
Gold production is now Sudan’s main source of hard currency after the secession of South Sudan where are the two third of its oil reserves before 2011.
Previous restrictions on the hard currency by the Central Bank posed a big challenge impeding the development of the mining industry and encouraging traditional minors to smuggle their production to neighbouring countries.
Last month, the Central Bank applied a flexible exchange rate system allowing a government mechanism to determine the U.S. dollar price on a daily bases. The move has narrowed the gap between the official dollar price and the black market price.
Also, the Minister of Finance and Economic Planning Muataz Musa announced that the Central Bank would purchase the gold at the market rate in order to prevent smuggling.
Sudanese officials said they hope to increase gold production to more than 140 tons during this year and make Sudan the first gold producer in Africa.
(ST)
