Sudan is looking for gold to make up for the budget deficit it incurred as a result of losing three quarters of its oil production due to the secession of South Sudan in July 2011.
Sudan said it expects gold production to hit 150 tons by 2016 after the discovery of 260 tons of gold reserve in Nahral-Neel state.
Sudanese Minerals minister Kamal Abdel-Latif said he expects the country's gold production to jump to 150 tonnes, thus generating $8 billion in revenues.
He made the remarks during the inauguration of the Qbgbih gold mine in the Nile River state, a joint venture between Sudan and the Moroccan Managem mining company.
The government eyes gold output of around 50 tonnes in 2013, worth around $2.5 billion, which would potentially make it Africa's third largest gold miner behind South Africa and Ghana, and push it into the top 15 producers globally.
The East African country is looking for gold to make up for the budget deficit it incurred as a result of losing three quarters of its oil production due to the secession of South Sudan in July 2011.
Country's mineral ministry also disclosed another proven gold reserves of 66 tons in Qbgbih field, adding that the government is working on a comprehensive survey to detect potential spots of mineral wealth throughout the country.
This survey would target an area of one million square kilometres through partnerships with foreign companies.
The Sudanese official said that the government had established a $70 million mining centre while expanding the work of Ariab Mining Company (AMC) with a funds injection of $90 million.
Jointly owned by the Sudanese government and a Canadian firm, AMC currently runs Sudan's largest gold mine.
In recent years a growing number of foreign gold companies have expressed interest in obtaining licences to operate in Sudan.
Sumber : Google