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Local news - Economy

Minister of Minerals: Gold alone can get Sudan out of its economic problems

Khartoum, Dec. 27 (SUNA) - The Minister of Minerals Prof. Hashim Ali Salim has affirmed that the gold produced in the country could take Sudan out of its economic problems by not exporting it abroad and using it as a guarantee for financing.
He revealed, during his speech in the weekly news forum of the Ministry of Information Wednesday, that Sudan gold production has increased to more than 100 tons during the current year a matter that enables the country to get funds from the external financing institutions.
The minister exposed that Sudan received a financing of more than 6 billion dollars offer from four major companies under the guarantee of produced gold, however, only $4 billion would solve Sudan's economic problems He emphasized that had the Central Bank of Sudan purchased gold in a reasonable price, it would have not be smuggled, stressed the necessity to establish a gold bourse.
The minister said that his ministry would stop export of a number of minerals in the raw form in 2018; especially that Sudan has more than 13 minerals ready for investment including agricultural minerals, which can be manufactured inside Sudan and sold to the neighboring countries that need fertilizer.
The minister asserted that the brokers were the cause of the scarcity of mercury by buying, storing and increasing its prices, referring to his ministry's directive on assigning Sudamine Company to sell the mercury in the markets and stop selling it in Khartoum a matter that contributed to the provision of mercury in the markets. He pointed out to his ministry contribution at 5% to the national domestic product, stressing the trend of the ministry next year to indigenize the industry of copper, rare metals, radioactive and precious stones in the country.