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.


UAE’s Central Bank reshuffles board of directors

Updated 17 December 2018
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UAE’s Central Bank reshuffles board of directors

DUBAI: The UAE Central Bank’s board of directors has been reshuffled under a decree by President Sheikh Khalifa bin Zayed, according to the state news agency WAM.
Central Bank Gov. Mubarak Rashed Khamis Al-Mansoori has been reappointed for the next four years, the agency said.
Other members of the board reappointed for the next four years include Hareb Masoud Hamad Al-Darmaki as chairman; Abdulrahman Saleh Al-Saleh as vice chairman; and Younis Hajji Al-Khoori, Khalid Mohammed Salem Balama, Khalid Ahmed Altayer and Ali Mohammed Bakheet Al-Rumaithi.
The central bank said in a statement it had been working with the bank and the government of Sharjah to develop a plan to strengthen the lender’s capital base.
The UAE central bank said it would “support Invest Bank with all the available liquidity facilities, which remain at Invest Bank’s disposal; if, and when, needed.”