South Sudan to open up Gold sector
South Sudan's gold reserves remain largely unmapped but the few discovered ones holds huge reserves, analysts said.
After availing most of undivided Sudan's oil fields, South Sudan is also wants to tap country's gold reserves to boost it’s young economy.
South Sudan's gold reserves remain largely unmapped but the few discovered ones holds huge reserves, analysts said.
They added that South Sudan may have a basement area with gold potential of about 300000km2,a third larger than Ghana.
Souith Sudan's gold-mining sector is dominated by artisanal, or informal, mining and the government is losing potential revenue as artisanals sell their production on the black market and pay no taxes.
Informal mining also lead to conflicts as thousands of people in the Darfur region of Sudan are fleeing fighting between two tribes over gold mines and levies.
However, after the government opened up gold sector, global gold prospectors are queuing up for permits in South Sudan.
Country's ministry of minerals said recently there were 90 companies with gold concessions. Of these, 13 were already in production and another seven would start this year.
The excitement over South Sudan's gold potential follows reports of big nuggets found by artisanals scratching the surface. Evidence of copper, uranium, diamonds and iron ore has also been found.
But the last geological survey was done in the 1980s and many records were lost in the civil war.
Oil, which provides 98% of the new, landlocked country's revenue, can be exported only through Sudanese pipelines.
But the International Monetary Fund warned South Sudan in 2011 its oil output by 2020 will be half its 2009 peak unless it makes new discoveries or improves recoveries.
Northern neighour Sudan earned $2,2bn from gold exports last year and expected to produce about 50t worth $2,5bn in 2013. That would make it Africa's third-biggest producer after SA and Ghana.
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