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)
TT
20

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.



India Imposes Temporary Tariff on Some Steel to Stem Cheap Imports from China 

A worker stacks pressed steel items at a factory which produces metal products for export, in Binzhou, in China's eastern Shandong province on April 15, 2025. (AFP)
A worker stacks pressed steel items at a factory which produces metal products for export, in Binzhou, in China's eastern Shandong province on April 15, 2025. (AFP)
TT
20

India Imposes Temporary Tariff on Some Steel to Stem Cheap Imports from China 

A worker stacks pressed steel items at a factory which produces metal products for export, in Binzhou, in China's eastern Shandong province on April 15, 2025. (AFP)
A worker stacks pressed steel items at a factory which produces metal products for export, in Binzhou, in China's eastern Shandong province on April 15, 2025. (AFP)

India, the world's second-biggest producer of crude steel, on Monday imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.

A flood of Chinese steel in recent years has pushed some Indian mills to scale down operations and mull job cuts, and India is one of a number of countries to have contemplated action to stem imports to protect local industry.

The Ministry of Finance said in an official order that the duty would be effective for 200 days from Monday, "unless revoked, superseded or amended earlier".

The move is New Delhi's first big trade policy shift since US President Donald Trump imposed a wide range of tariffs on countries in April, kicking off a bitter trade war with China.

Tensions over cheap steel imports into India predate that, with the investigation behind the latest move beginning in December.

India's Steel Minister H. D. Kumaraswamy said in a statement the measure is aimed at protecting domestic steel manufacturers from the adverse impact of a surge in imports, and will ensure fair competition in the market.

"This move will provide critical relief to domestic producers, especially small and medium-scale enterprises, who have faced immense pressure from rising imports," Kumaraswamy said.

New Delhi's tariffs are primarily aimed at China, which was the second-biggest exporter of steel to India behind South Korea in 2024/25.

"The decision is along expected lines and we will now wait and see how this measure supports (the) industry and margins and restricts cheap imports into the country," said a senior executive at a leading Indian steel mill.

"The world is impacted by Chinese imports whether directly or indirectly," said the executive.

India was a net importer of finished steel for a second straight year in 2024/25, with shipments reaching a nine-year high of 9.5 million metric tons, according to provisional government data.

New Delhi's leading steelmakers' body - which counts JSW Steel and Tata Steel among members, alongside the Steel Authority of India and ArcelorMittal Nippon Steel India - has raised concerns over imports and called for curbs.