The Sudanese Ministry of Finance has officially announced the establishment of a gold exchange, following completing the required conditions in accordance with international regulations and laws.
Mustafa Al-Bakri Karrar, General Manager of the Gold Refinery, said that the tender will be presented this week to international companies with the participation of Sudanese experts.
The Sudanese official explained that gold exports contributed $300 million to the economy during the 2021 budget.
Karar stated, during a press conference in the capital, Khartoum, that Sudan has completed the conditions that qualify it to establish a stock exchange in accordance with international regulations and laws that must be available in the mineral trading market, stressing that Sudan’s refinery matches international refineries.
He stated that the refinery relies, during the process of extracting gold, to benefit from minerals mixed with gold, and to work on pure gold productivity in accordance with international standards, pointing out that among the conditions set by the Dubai Stock Exchange to grant Sudan accreditation, it includes a five-year period of consecutive work for the refinery.
For his part, Director General of the Capital Markets Regulatory Authority, Shawqi Azmi Mahmoud Hassanein, said that the establishment of a gold exchange works to reduce its smuggling, and contribute to supporting the national economy and working to stabilize the exchange rate, indicating that the committee recommended completing all transactions of gold sale proceeds through the banking system. According to a certificate of ownership that allows him to make any financial disposal.
He attributed the delay in establishing the stock exchange in Sudan to the complexities of the steps required to meet the conditions required for the establishment of the stock exchange, and the granting of a certificate of deposit whereby the transaction between the seller and buyer is facilitated to shorten the complex operations.
Sudan is the third country in the African continent, following Ghana and South Africa, to produce gold, as it exceeds 93 tons annually, 75% of which are extracted through traditional “national” mining, which employs regarding two million people scattered in the mines of the Red Sea and River states. Nile, Gedaref, South and North Kordofan.
According to the latest report issued by the Sudanese Ministry of Minerals, the total production from the beginning of 2021 until the end of last June amounted to 30 tons, while Sudan produced 8.41 tons during the first quarter of 2020.
Traditional miners, numbering regarding two million, produce 80% of the country’s gold production.