No account yet?
Subscription Options
Subscribe via RSS, or
 
Free Email Alert

Sign up to receive a daily e-mail alert with links to Dallas Blog posts.

New Site Search
Login
Bill DeOre
Click for Larger Image
Dallas Sports Blog
Local Team Sports News
The Official Site of the Dallas Mavericks
TEX Homepage News
News
Stars Recent Headlines
Good News Dallas
Lifestyles
Sudan Holds Largest Gold Reserves in Africa Print E-mail
by Tom McGregor    Thu, Jul 19, 2012, 07:19 PM

The Sudanese government is purchasing a large stockpile of gold, which it intends to sell for U.S. dollars needed to purchase imports such as food and other essentials.

According to Reuters, “Sudan is looking to expand gold mines and boost production of the metal to help keep the economy afloat.”

Previously, oil had been the main source of state revenues, including dollars, needed to pay for imports. However, Sudan lost three-quarters of its oil production when South Sudan declared its independence last year.

As reported by Reuters, “a scarcity of dollars has driven the annual inflation rate of 37.2 percent in June, double the level of June 2011, and officials warn prices will rise further.

The nation sits on what might be Africa’s largest gold reserves, while the government already handed out exploration contracts to more than 600 mining firms to search for gold and other minerals.

One wonders if gold mining tycoon, George Soros, has recently invested in Sudan’s gold market.

To read the entire article from Reuters, link here:

This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Share This Story on Facebook
Comments (1)add comment
...
written by linda Mussa , September 22, 2012

this country holds alot of secrets in his oil,uranim, copper and gold reserves



Write comment
smaller | bigger
password
 

busy
 
< Prev   Next >