Asharq Al-awsat English https://aawsat.com/english Middle-east and International News and Opinion from Asharq Al-awsat Newspaper http://feedly.com/icon.svg

Canada's Orca to Invest in Sudan's Gold

Canada's Orca to Invest in Sudan's Gold

Saturday, 24 July, 2021 - 09:15
A man shows off his gold to potential buyers in Sudan (Reuters)

Canada's major gold producing company, Orca, discussed the great potential for gold production in Sudan, announcing a $350 million investment for explorations.


The company intends to produce about 60 tons of gold annually in its exploration area in northeastern Sudan.


Orca Gold CEO Richard Clark discussed the company's production plans in Sudan and said the geological potential in the country is enormous, making Sudan the second or third country to produce gold in Africa, Suna reported.


According to Clark, Orca is determined to produce more than 228,000 ounces of gold annually in its concession area in the far northeast of Sudan.


In a television interview reported by Bloomberg, Clark said that Sudan's geological potential is vast. The country's political and economic conditions witnessed a steady improvement following the transitional government's removal of extremist groups.


As a result, Sudan was removed from the list of state sponsors of terrorism and approved for debt relief.


He explained that Sudan expects to write off its over $55 billion debt as part of the Heavily Indebted Poor Countries initiative (HIPC), which means its eligibility for development aid and economic aid.


According to Clark, a feasibility study for the projects in Sudan revealed the possibility of producing about 228,000 ounces of gold annually at the cost of $751 per ounce.


He explained that Sudan currently produces more than 100 tons of gold, most of which comes from traditional mining.


Ocra company will invest $350 million in mining operations as the most prominent and first specialized company to enter this market in Sudan.


According to Clark, his company operates in a mining area located within the "Nubian Gold Belt," extending from Egypt to Saudi Arabia and Eritrea.


Ocra Gold is one of the largest gold mining companies globally and is working on developing the 14th project for gold in Sudan, which is about 200 km north of Dongola.


Editor Picks

Multimedia