The US has officially rescinded Sudan’s designation as a State sponsor of terrorism, a move which Canadian developer Orca Gold believes will help attract more foreign investors into the country.
The company, which owns the Block 14 project in northern Sudan, will also now have more financing options to advance the $321-million modern gold mine that it plans to develop.
"Today is a very special day for Sudan. After decades of being designated as a pariah state by much of the international community, the country is now being recognised and rewarded for their progressive efforts. I and my colleagues at Orca extend our sincere congratulations to the people of Sudan,” said Orca CEO and director Richard Clark on Tuesday.
A recently published feasibility study indicated that Block 14 could produce an average of 167 000 oz/y at an all-in sustaining cost of $751/oz. In the first seven of the 13.6 years, Block 14 would average 228 000 oz/y.
The study calculated an aftertax net present value of $607-million, an internal rate of return of 33.3% and a payback period of 2.9 years.
The Block 14 gold project is located close to Sudan’s border with Egypt, 900 km north of the capital Khartoum. The Block 14 concession covers 2 170 km2.
Orca said that its physical presence and activity in Sudan would significantly increase in early 2021.