Sudan Signs Nine Concession Deals for Gold, Copper Mining

Sudan is Africa's third-largest producer of gold. (AFP)
Sudan is Africa's third-largest producer of gold. (AFP)
TT

Sudan Signs Nine Concession Deals for Gold, Copper Mining

Sudan is Africa's third-largest producer of gold. (AFP)
Sudan is Africa's third-largest producer of gold. (AFP)

Sudan on Thursday signed nine concession agreements for gold and copper mining with eight local and foreign companies, the state news agency SUNA said.

All the agreements are related to gold mining except one for copper, the agency quoted Minister of Minerals Mohamed Bashir Abdalla as saying.

Three companies from Iraq, China, South Africa won four gold mining concessions, and a fourth one from Armenia won the single copper concession, the report said. Four local companies took four gold concessions.

All concession areas are located in the Red Sea State, the West Kordofan state and the Northern State.

Although there are no official figures, annual gold production in Sudan is estimated at tons. However, Sudan has been complaining of widespread gold smuggling.

Last week, Finance Minister Jibril Ibrahim acknowledged that the government was helpless in stopping the gold smuggling.

He further noted that certain procedures were taken to limit the illicit activity and to benefit from gold revenues.

Sudan sold 13,327,657 grams of gold worth $437,983,965 from 2015 to 2020, Abdalla said on Thursday, compared with 2,752,889 grams worth $140,805,290 from June 2020 to February 2021.

Gold sales from March to May reached $36,295,970, the minister said during the concession agreements ceremony.

He pledged to encourage modern mining and investment, saying that gold production is the top economic activity and would bring in foreign currency to the country.

He further pledged to simplify the investment procedures, to support gold manufacturing, to amend relevant legislations and tackle other steps that would encourage investment and investors.

For his part, Ibrahim called for expanding the production of minerals and related industries and attracting more investment companies in this field.



US Treasury Targets Russia's Gazprombank with New Sanctions

FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
TT

US Treasury Targets Russia's Gazprombank with New Sanctions

FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo

The United States imposed new sanctions on Russia's Gazprombank on Thursday, the Treasury Department said, as President Joe Biden steps up actions to punish Moscow for its invasion of Ukraine before he leaves office in January.
The move, which wields the department's most powerful sanctions tool, effectively kicks Gazprombank out of the US banking system, bans its trade with Americans and freezes its US assets, Reuters reported.
Gazprombank is one of Russia's largest banks and is partially owned by Kremlin-owned gas company Gazprom. Since Russia's invasion in February 2022, Ukraine has been urging the US to impose more sanctions on the bank, which receives payments for natural gas from Gazprom's customers in Europe.
The fresh sanctions come days after the Biden administration allowed Kyiv to use US ATACMS missiles to strike Russian territory. On Tuesday, Ukraine fired the weapons, the longest range missiles Washington has supplied for such attacks on Russia, on the war's 1,000th day.
The Treasury also imposed sanctions on 50 small-to-medium Russian banks to curtail the country's connections to the international financial system and prevent it from abusing it to pay for technology and equipment needed for the war. It warned that foreign financial institutions that maintain correspondent relationships with the targeted banks "entails significant sanctions risk."
"This sweeping action will make it harder for the Kremlin to evade US sanctions and fund and equip its military," Treasury Secretary Janet Yellen said. "We will continue to take decisive steps against any financial channels Russia uses to support its illegal and unprovoked war in Ukraine."
Gazprombank said Washington's latest move would not affect its operations. The Russian embassy in Washington did not respond to requests for comment.
Along with the sanctions, Treasury also issued two new general licenses authorizing US entities to wind down transactions involving Gazprombank, among other financial institutions, and to take steps to divest from debt or equity issued by Gazprombank.
Gazprombank is a conduit for Russia to purchase military materiel in its war against Ukraine, the Treasury said. The Russian government also uses the bank to pay its soldiers, including for combat bonuses, and to compensate the families of its soldiers killed in the war.
The administration believes the new sanctions improve Ukraine's position on the battlefield and ability to achieve a just peace, a source familiar with the matter said.
COLLATERAL IMPACT
While Gazprombank has been on the administration's radar for years, it has been seen as a last resort because of its focus on energy and the desire to avoid collateral impact on Europe, a Washington-based trade lawyer said.
"I think that the current administration is trying to put as much pressure and add as many sanctions as possible prior to January 20th to make it harder for the next administration to unwind," said the lawyer, Douglas Jacobson.
Officials in Slovakia and Hungary said they were studying the impacts of the new US sanctions.
Trump would have the power to remove the sanctions, which were imposed under an executive order by Biden, if he wants to take a different stance, Jacobson said.
After Russia's invasion in 2022, the Treasury placed debt and equity restrictions on 13 Russian firms, including Gazprombank, Sberbank and the Russian Agricultural Bank.
The US Treasury has also worked to provide Ukraine with funds from windfall proceeds of frozen Russian assets.