SUDAN ALLOWS GOLD PRODUCERS TO EXPORT 70 PCT OF OUTPUT

KHARTOUM, Sudan's Minister of Minerals, Dr. Ahmed Mohamed Sadiq Al-Karuri, says an agreement signed between the Finance Ministry and the Central Bank of Sudan (CBOS) on new regulations for dealing with the purchase and export of gold allows private sector companies to purchase and export the gold as well as the removal of the CBOS monopoly on gold purchases.

Addressing the Public Geological Research Corporation and the launch of the geological map here Sunday, he said the review of the gold export policies were urged by the companies who called for the removal of restrictions imposed on them.

The regulation allowing the companies to export 70 per cent of their production and to sell the remainder to the Central Bank of Sudan represented a more attractive policy for buying and selling of gold, he added.

The minister admitted that a slowdown in gold production during the past had been caused by these restrictions, and he expected to see a significant increase in production after the introduction of the new policies in the coming years.

The minister, who said gold exports amounted to 37 per cent of the country's total exports in 2016, expectinged to see an increase of the amount in the current year through the attractive policies which will reduce smuggling.

The Minister explained that the gold exports totalled 93 tons last year, but only 30 tons were exported through the official ports, revealing that part of the remaining quantities were smuggled, some of them went into storage and the remainder was exported for the purpose of manufacturing and then to be returned to Sudan.

Source: NAM NEWS NETWORK

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