Sudan Signs Unprecedented Gold Exploration Agreement with Russia
29 July, 2015KHARTOUM (SUDANOW) – Sudan and Russia on Wednesday signed a gold exploration agreement, described by Khartoum as unprecedented.
The agreement was signed at the Republican Palace, in the presence of President Omar al-Bashir, by Sudanese Ministry of Minerals and the Russian Siberian Mining Company Limited.
Minister of Minerals Dr. Ahmed Mohamed Sadiq al-Karouri said the gold reserves discovered by the Russian company in the Red Sea and River Nile States amount to 46,000 tons. The country's total Gold production during the first half of this year has reached 43 tons. Karouri explained that the agreement was the first one that gave the Sudanese government 75% of the production while the company will take only 25%.
The signing ceremony was attended by the chairman of the company’s Board of Directors and General Manager of Geological Exploration and Research, Sudanese senior officials and media leaders.
The ministry said the agreement would be of great benefit to the Sudanese people and that it was signed in implementation of the pledges made by President Bashir upon his inauguration for new presidential term last June.
Last February, Sudan granted 9 Russian companies permission to explore gold and other minerals. Many other foreign companies are engaged in the gold investment field including French, Canadian and German companies.
Gold extraction has been one of the important economic alternatives for Sudan after losing oil revenues by South Sudan secession.
Sudan currently ranks third in the list of African gold producing countries behind South Africa and Ghana and the government expects to top the list by the year 2018.
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