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.



OPEC+ Speeds Up Oil Output Hikes

FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
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OPEC+ Speeds Up Oil Output Hikes

FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

Eight OPEC+ countries agreed on Thursday to advance their plan to phase out oil output cuts by increasing output by 411,000 barrels per day in May.

Eight members of OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies led by Russia, had been scheduled to raise output by 135,000 barrels per day in May as part of a plan to gradually unwind their most recent layer of output cuts.
But after a meeting of the eight countries held online on Thursday, the group announced it would boost output by 411,000 bpd in May. OPEC cited "continuing healthy market fundamentals and the positive market outlook."
"This comprises the increment originally planned for May in addition to two monthly increments," OPEC said in a statement referring to the volume. "The gradual increases may be paused or reversed subject to evolving market conditions."
The eight OPEC+ countries will meet on May 5 to decide on June output, OPEC's statement said.

They are Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman.