Page 28 - Bullion World Volume 3 Issue 11 November 2023

Bullion World | Volume 3 | Issue 11 | November 2023

Royalties are set for each type of Rising Demand and Prosperity A Golden Start to 2023
extracted ore, with a minimum of 5% In 2022, Egypt's gold exports Egypt's love affair with gold continued
and a maximum of 20% per annum. surged by an impressive 46% to into 2023, with gold demand
Additionally, the government collects reach $1.529 billion, indicative doubling to seven tons in the first
a 5% net smelter royalty on revenue, of the growing appetite for gold quarter. By the second quarter,
and a corporate tax rate of 22.5% is within the country. The same year this demand had skyrocketed by
applied. also witnessed a remarkable 83% over 300%, reaching over 10 tons,
increase in gold demand in Egypt, making Egypt the Middle East's most
Regulatory Evolution with the highest peak occurring in significant contributor to the growth
2020 witnessed Egypt's parliamentary the fourth quarter when the central of investments in gold bars and
approval of amendments to the bank devalued the Egyptian pound coins. Egypt's alluring status as one
Mineral Resources Law, signalling a for a second time. Factors driving this of the world's most affordable places
new era for the mining sector. Notable demand include the Egyptian pound's to purchase gold has only added
changes included the removal of the record lows against the dollar and a to its appeal. Moreover, Egyptian
profit-sharing rule, eliminating the sharp rise in inflation. citizens returning from abroad can
requirement for joint ventures with the now bring up to 150 grams of gold Sovereign Metals Limited is in the
Egyptian government, and capping through customs tax-free, making it
state royalties at 20%. even easier to partake in the nation's business of refining precious metals
golden legacy. (gold and silver) and supplying
highest and most consistent quality
products and related services and
Iraq solution to customers at their place
of convenience by leveraging its
Topic Key Points
competent and customer-focused
Iraq's Gold Holdings - Iraq is the 38th largest holder of gold reserves. human resources, industry-leading
- In 2023, Iraq's gold reserves reached 132.62 tonnes. technology infrastructure and
transparent and globally
Gold Exports - Iraq mainly exports gold to the UAE, Turkey, Sweden, and Nepal.
compliant-sourcing practices.
Gold Deposits - Gold deposits are found in Iraq's Western Desert and the northern Kurdistan region.
Sovereign Metals Limited would
Iraq's Golden Holdings
Often associated with its rich historical heritage, Iraq also holds a place on the global stage as the 38th largest pursue environmentally sustainable
gold reserve holder. As of 2023, Iraq's gold reserves have swelled to 132.62 tonnes, further solidifying its position. manufacturing practices and would
Gold exports from Iraq predominantly find their way to the United Arab Emirates, Turkey, Sweden, and Nepal. Gold strive to be a world leader in its
deposits are scattered across Iraq's Western Desert and the northern Kurdistan region, offering valuable prospects for chosen segment from India.
exploration.

Sudan

Topic Key Points www.sovereignmetals.in

Sudan's Gold Bounty - Sudan ranks as Africa's third-largest gold producer (after South Africa and Ghana).

- In 2022, Sudan produced 50,000 kilograms of gold, its most valuable export.
Geological Formations - Gold is found in three geological formations: Parentheses Gossan, Quartz-vein, and Alluvial.

- Key gold-rich areas include Wadi Halfa, Atbara, Red Sea state, South Kurdufan, and Darfur.
- Hassai Mine in the Red Sea region is Sudan's primary open-pit gold mine, with notable gold and
Hassai Mine
silver production.
- Sudan's mining sector is governed by the Mineral Wealth and Mining Development Act of 2015 and
Regulatory Framework
the Mineral Resources and Mining Development Act of 2007.
- Sudan banned cyanide and mercury in gold mining in 2019. Private traders can now export 70% of
Evolving Regulations
their gold.

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