North Sudan to set up gold refinery, exchange this year

North Sudan has reiterated its commitment to launch a commodity exchange and gold refinery to boost its economy,which was hardly hit after the South gained Independence.

Sudan’s stock exchange has been given permission to launch platforms to tarde commodities especially gold to make amends for the loss of oil as the nation has almost lost 75% of its oil revenue with the division.

The Exchange said it’s second step will be to set up a commodities trading platform to allow foreign firms better access to the market.

North Sudan has earlier said it will focus more on gold after fresh gold reserves were identified in the country.

After the division, the country had witnessed significant increase in gold production and exploration activities with more and more companies investing in the gold sector.

The country expects to produce around ten tons of gold this year, according to Mineral ministry

In the past two years gold mining revenues have increased twenty-fold.

The African nation is desperately trying to find a replacement for the revenue loss by boosting gold and other minerals – BullionStreet

Posted by admin on Jan 25 2012. Filed under Gold mining. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry