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Sudan to form steering committee to establish gold and mineral bourse

Sudan to form steering committee to establish gold and mineral bourse

The government of Sudan has issued a decision forming a steering committee to prepare for establishment of a gold and minerals bourse, chaired by First Undersecretary of the Ministry of Finance.

Minister of Finance and Economic Planning, Jibril Ibrahim made the announcement and said the committee comprises in its membership the Undersecretary of the Ministry of Minerals, the Director General of the Stock Markets Regulatory Authority, the Deputy Governor of the Bank of Sudan, the Director General of the Sudan Gold Refinery, and El Tayeb El Jali of the Khartoum Stocks Exchange as a member and rapporteur. The committee experts specialized in global financial markets for precious metals, Amr Zakaria Abdo and Abdulazim El Omawi.

The committee’s tasks include, among others, setting an executive plan for the establishment of the bourse, and devising a vision for the infrastructure for it in accordance with the internationally recognised standards in the stock exchanges.

Gold

The total gold production of Sudan in 2020 reached 36.6 tons, which is 9.6 tons more than in 2019, the director of the Sudanese Company for Mineral Resources, Mubarak Ardol, reported in January. The gold revenues amounted to SDG 22.5 billion, of which SDG 16.6 billion was deposited at the Ministry of Finance.

In October 2019, the government officially took over control the Jebel Amer gold mines* in North Darfur from Al Junaid Company. Minister of Finance Heba Mohamed lauded the agreement signed at the mines in El Sereif Beni Hussein locality in North Darfur.

In March this year, the government also established state control over gold exports. The Central Bank of Sudan (CBoS) will from now on purchase gold at global stock market prices. It will also establish a Sudanese gold exchange. The Revolutionary Awakening Council (RAC) headed by former Janjaweed leader Musa Hilal seized control of the Jebel Amer gold mining area in North Darfur in July 2015. According to a UN Security Council report in April 2016, Hilal and his entourage were profiting from vast gold sales in Darfur.

 

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