Canada's Orca to Invest in Sudan's Gold

A man shows off his gold to potential buyers in Sudan (Reuters)
A man shows off his gold to potential buyers in Sudan (Reuters)
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Canada's Orca to Invest in Sudan's Gold

A man shows off his gold to potential buyers in Sudan (Reuters)
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.



UN Trade Agency: New Trade War Deadline Prolongs Instability

Workers inspect imported stones at a marble factory in Kishangarh, in India's Rajasthan state on July 8, 2025. (Photo by HIMANSHU SHARMA / AFP)
Workers inspect imported stones at a marble factory in Kishangarh, in India's Rajasthan state on July 8, 2025. (Photo by HIMANSHU SHARMA / AFP)
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UN Trade Agency: New Trade War Deadline Prolongs Instability

Workers inspect imported stones at a marble factory in Kishangarh, in India's Rajasthan state on July 8, 2025. (Photo by HIMANSHU SHARMA / AFP)
Workers inspect imported stones at a marble factory in Kishangarh, in India's Rajasthan state on July 8, 2025. (Photo by HIMANSHU SHARMA / AFP)

The Trump administration's decision to extend a negotiating deadline for tariff rates is prolonging uncertainty and instability for countries, the executive director of the United Nations trade agency said on Tuesday.

US President Donald Trump on Monday ramped up his trade war, telling 14 nations, from powerhouse suppliers such as Japan and South Korea to minor trade players, that they now face sharply higher tariffs from a new deadline of August 1.

"This move actually extends the period of uncertainty, undermining long-term investment and business contracts, and creating further uncertainty and instability," Pamela Coke-Hamilton, executive director of the International Trade Centre, told reporters in Geneva, according to Reuters.

"If a business is not clear on what costs they are going to pay, they cannot plan, they cannot decide on who will invest," Coke-Hamilton said, citing the example of Lesotho, where major textile exporting companies have withheld their investment for the time being, pending a tariff outcome.

The uncertainty, combined with deep cuts in development aid, had created a "dual shock" for developing countries, she added.

Countries have been under pressure to conclude deals with the US after Trump unleashed a global trade war in April that roiled financial markets and sent policymakers scrambling to protect their economies.