Sudan aims to increase gold production in 2018

Gold bars. (Reuters)
Updated 28 December 2017
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Sudan aims to increase gold production in 2018

KHARTOUM: Sudan is aiming to raise its production of gold to 110 tons in 2018 to become the ninth biggest producer in the world and the second biggest in Africa, according to Asharq Al-Awsat.
China is the world’s largest producer of gold, at 450 tons per year.
The Sudanese Ministry of Minerals, through its supervisory and technical arm (the Sudanese Mineral Resources Company), said in a statement on Wednesday that its production of gold amounted to 103 tons up until December, and that this figure was equal to 107% of this year’s production target.
The company also said that total revenues amounted to SDG1.9 billion ($0.27 million).
Sudan has seen significant activity in the extraction and exploration of gold during the past five years, and more than 450 local and international companies operate in this field.
The Ministry of Minerals plans to regulate the traditional mining market and establish about 40 gold-trading markets. It announced on Wednesday that it plans to set up an international gold stock exchange at the beginning of 2018 to curb smuggling of the precious metal. Sudan exports only one quarter of the gold that it produces while the rest is smuggled.
It is expected that the new stock exchange will help to stop these illegal practices.
Minister of Minerals Hashim Ali Salem said in a press statement that Sudan had only consumed one percent of its reserves of gold and other minerals, which is estimated at 500 tons of gold and 1.5 billion tons of iron, in addition to precious and rare stones.
The minister also revealed a plan to nationalize the production of 18 minerals including salt, mica, white sand and marble.


Saudi energy minister compares electric vehicle ‘hype’ to peak oil misconceptions

Updated 15 October 2018
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Saudi energy minister compares electric vehicle ‘hype’ to peak oil misconceptions

  • Khalid Al-Falih on Monday questioned what he described as the “hype” of the electric vehicle market
  • Compared it to past misconceptions around the theory of peak oil

LONDON: Saudi Energy Minister Khalid Al-Falih on Monday questioned what he described as the “hype” of the electric vehicle market and compared it to past misconceptions around the theory of peak oil.
He told the CERAWeek energy gathering by IHS Markit in New Delhi that petrol and diesel engines would co-exist with emerging electric and hydrogen fuel cell technologies for much longer than widely expected.
Miscalculations around the pace of electrification could create “serious” risks around global energy security, he said.
“Conventional vehicles today, despite all the hype, represent 99.8 percent of the global vehicle fleet. That means electric vehicles with 0.2 percent of the fleet, only substitute about 30,000 barrels per day of oil equivalent of a total global oil demand of about 100 million barrels.
“Even if those numbers increase by a factor of 100 over the next couple of decades, they would still remain negligible in the global energy mix.”
He said: “History tells us that orderly energy transformations are a complex phenomenon involving generational time frames as opposed to quick switches that could lead to costly setbacks.”
In another broadside aimed at electric vehicles, the Saudi energy minister highlighted past misconceptions about global energy demand growth — and specifically the notion of “peak oil.”
“I remember thought leaders within the industry telling us that oil demand will peak at 95 million barrels per day. Had we listened to them and not invested . . . imagine the tight spot we would be in today.”
“Let’s also remember that in many parts of the world, roughly three fourths of the electricity, which would also power electric vehicles, is currently generated by coal, including here in India. So you could think of any electric vehicle running in the streets of Delhi as essentially being a coal-powered automobile.”
“When it comes to renewables, the fundamental challenge of battery storage remains unresolved — a factor that is essential to the intermittency issue impacting wind and solar power. Therefore the more realistic narrative and assessment is that electric vehicles and renewables will continue to make technological and economic progress and achieve greater market penetration — but at a relatively gradual rate and as a result, conventional energy will be with us for a long, long time to come.”