Sudanese Government Estimates Gold Revenues at $5 Billion

Gold mine workers weigh their gold in River Nile State, July 30, 2013. (Reuters)
Gold mine workers weigh their gold in River Nile State, July 30, 2013. (Reuters)
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Sudanese Government Estimates Gold Revenues at $5 Billion

Gold mine workers weigh their gold in River Nile State, July 30, 2013. (Reuters)
Gold mine workers weigh their gold in River Nile State, July 30, 2013. (Reuters)

The Sudanese government said that the annual production of gold ranges between 120-200 tons with revenues estimated at USD5 billion. It revealed that the number of workers in the mining sector amounts to around 5 million.

Minister of Energy and Mines Adil Ali Ibrahim said that the sector, which he described as one of the country’s most productive after the decline of agricultural and industrial production, is in a dire need of urgent policies to tackle pending problems.

He noted the government’s absent from mining region.

Addressing a conference on mining in Sudan, he remarked that the Central Bank has ceased purchasing gold, adding that the Sudanese Mineral Resources Company Limited has gained access to this field.

Part of the revenues has been allocated for domestic production and will be collected by the company.

The government will not allow any foreign firm to work in remaining mines, except for a Russia firm that is operating under a previous agreement, said Ibrahim.

Sadiq Tawar, a member of the Sovereignty Transitional Council, spoke of conflicts among local communities because the mining sector is liked to the corruption and oppression of the former regime.

Tawar called for enacting regulations that preserve workers’ rights in order to overcome tensions in these communities.

He accused mining companies, which are owned by members of the former regime, of seeking to cause tension to enrich themselves.



Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
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Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo

Gold prices extended declines on Tuesday, hitting a more than one-week low, pressured by a jump in US dollar and easing safe-haven demand after reports of a possible Lebanon-Israel ceasefire.

Spot gold was down 0.4% at $2,614.56 per ounce as of 0845 GMT, after hitting its lowest since Nov. 18 earlier in the session. US gold futures edged 0.1% lower to $2,614.80, Reuters reported.

The precious metal fell 3.2% on Monday, its deepest one-day decline in more than five months, on news that Israel looked set to approve a US plan for a ceasefire with the Iran-backed Hezbollah, with further pressure from Trump's nomination of Scott Bessent as the US Treasury secretary.

Meanwhile, the Kremlin said it had noted that Trump's circle was speaking about a potential peace plan for Ukraine.

"This has reduced the geopolitical risk premium, leading to a decline in gold prices," said Soni Kumari, a commodity strategist at ANZ, adding that a stronger US dollar is also weighing on investor appetite for gold. The dollar was up by 0.3%, after US President-elect Donald Trump vowed tariffs against Mexico, Canada and China, reducing gold's appeal for holders of other currencies.

"So now the focus will shift back to, what Fed is going to do in December meeting," Kumari said. Federal Reserve Bank of Minneapolis President Neel Kashkari, typically on the hawkish end of the US central bank's policy spectrum, said he is open to cutting rates again next month.

Traders will also keep a close eye on US consumer confidence data and the minutes from the Fed's November meeting later in the day.

"I expect gold to trade in a narrow range in the short term, with a slight upward drift," Matt Simpson, a senior analyst at City Index said.

Spot silver slipped by 0.1% to $2,614.80 per ounce, platinum shed 1.1% to $928.40 and palladium was down 0.2% to $971.10.