Iranian firm Mine an Metals has already started preliminary works for exploration at an undisclosed site in the northern region of the country.
KHARTOUM(BullionStreet): Iran is all set to start gold exploration in Sudan as it's major gold supplier Turkey remained under tremendous pressure from the US.
According to Sudan's official news agency, Iranian firm Mine an Metals has already started preliminary works for exploration at an undisclosed site in the northern region of the country.
Sudanese authorities said this was one of the hundreds of gold exploration licenses the country had issued in recent times.
Analysts said sanctions hit Iran remain largely unaffected due to it's gold trade with neighboring country's.
US has warned Iran's neighbors Turkey and the United Arab Emirates, key regional centers of the gold trade, to stop gold sales to Iran.
They added that Russia and a few Western companies such as Canadians are willing to do business with Sudan despite a U.S. trade embargo.
Sudan said that this year is expected gold production of 50 tons, or making it Africa's third largest gold producer after South Africa and Ghana, and make it among the world's 15 largest gold producer in the column.
The north African country has been trying to attract more investment for gold exploration investment has become a major source of U.S. dollars needed for the country's imports in 2011 after the independence of South Sudan in the country's crude oil production significantly damaged.