Page 30 - Bullion World Volume 3 Issue 11 November 2023

Bullion World | Volume 3 | Issue 11 | November 2023

Sudan's Golden Bounty • Alluvial gold along the Nile River Evolving Regulations
In the heart of Africa, Sudan claims and its tributaries Sudan's commitment to responsible
its status as the continent's third- Sudan's gold-rich terrain includes mining is evident through its ban on
largest gold producer, trailing only various areas such as Wadi Halfa, cyanide and mercury in gold mining in
South Africa and Ghana. With a Atbara, Red Sea state, South 2019. Additionally, recent regulations
production of 50,000 kilograms of Kurdufan, and Darfur. have permitted private traders to
gold in 2022, Sudan's gold industry export 70% of their gold, further
stands as the nation's most valuable Hassai Mine: Sudan's Pride enhancing the dynamism of Sudan's
export. Oversight of exploration The Hassai Mine, located in the gold sector
and mining activities falls under picturesque Red Sea region, is
the diligent watch of the Sudanese Sudan's foremost large-scale open- Gold holds a unique place in the
Mineral Resources Company pit gold mine. Since 1991, this mine world of finance and trade, and its
(SMRC), supported by SUDAMIN, has produced over 85,000 kilograms significance transcends borders and
which establishes national technical of gold and an impressive 37,000 cultures. Two countries, the United
standards. metric tons of silver. Arab Emirates (UAE) and Libya,
exhibit distinctive characteristics
Diverse Geology of Sudan Regulatory Framework in Sudan in their relationship with gold, both
Gold in Sudan is discovered Two key acts of parliament, playing pivotal roles in the global gold
in three distinct geological the Mineral Wealth and Mining market. This article delves into their
formations: Development Act of 2015 and the respective gold industries, exploring
• Parentheses Gossan formation Mineral Resources and Mining the UAE's dominance as an African
in the eastern Nuba Mountains, Development Act of 2007, govern gold customer and Libya's rich gold
Eriab region Sudan’s mining sector. Other national reserves.
• Quartz-vein formations in North laws relevant to artisanal mining,
Kurdufan, Obaidiya, and the Blue encompassing labour, environmental
Nile region protection, environmental health, and
child welfare, complement these acts.

United Arab Emirates (UAE): The Shining Star of the Gold Market

Topic Key Points

Gold in the UAE - The UAE is the biggest African gold customer since 2006, with a well-established gold sector.

- It boasts large gold refineries, such as Emirates Gold, Al Etihad Gold Refinery, SAM Precious Metals

Gold Exports - Major export destinations include Switzerland, India, Hong Kong, Saudi Arabia, and Turkey.

Leading Suppliers - Mali, Zimbabwe, Sudan, Niger, and the United Kingdom are major gold suppliers.

UAE Gold Demand - In 2022, the UAE led gold usage in the Middle East, with a 38% increase in gold jewellery demand.
- In Q2 2023, jewellery demand dropped by 20%. UAE introduced a 5% VAT rate for gold and its
products.

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