Sunday, May 26, 2024
Update At 14:00    USD/EUR 0,92  ↓-0.0027        USD/JPY 156,94  ↑+0.005        USD/KRW 1.365,32  ↓-0.08        EUR/JPY 170,27  ↑+0.551        Crude Oil 82,16  ↑+0.8        Asia Dow 3.966,56  ↓-19.73        TSE 1.780,00  ↓-2        Japan: Nikkei 225 38.646,11  ↓-457.11        S. Korea: KOSPI 2.687,60  ↓-34.21        China: Shanghai Composite 3.088,87  ↓-27.516        Hong Kong: Hang Seng 18.608,94  ↓-259.77        Singapore: Straits Times 3,39  ↑+0.001        DJIA 22,07  ↑+0.02        Nasdaq Composite 16.920,80  ↑+184.762        S&P 500 5.304,72  ↑+36.88        Russell 2000 2.069,67  ↑+21.259        Stoxx Euro 50 5.035,41  ↓-2.19        Stoxx Europe 600 520,57  ↓-0.99        Germany: DAX 18.693,37  ↑+2.05        UK: FTSE 100 8.317,59  ↓-21.64        Spain: IBEX 35 11.246,00  ↓-65.1        France: CAC 40 8.094,97  ↓-7.36        

Fast growing TAHE boost Sudan’s gold exports

Article - June 1, 2015

TAHE International Mining Inc. is a great example of one of the increasing number of foreign mining companies investing in Sudan, Africa’s third largest gold producer

After gathering data in Sudan during 18 months of extensive geological study, Turkish owned TAHE International Metal Mining Inc. signed a concession agreement with the Sudanese Government in 2010, the largest ever granted in the Afro-Arab country.

Since then, the mining company has been heavily contributing to the development of the country’s mining sector – providing vital transfer of expertise – as well as contributing to the Sudanese economy by helping to boost the country’s exports of gold.

Immediately after signing the concession agreement, TAHE began exploring in June 2010, and it took less than a year to make the discovery of the Abu Sara gold mine. Then in 2012, the company finished constructing its first production plant.

“Normally to go from a concession to mining would take a minimum of 9 years,” says CEO of TAHE, Taner Yilmaz. “But within 2 years we set up mines ready to operate.”

This remarkable progress was crowned in January 2013 when TAHE saw its first export of gold from its new plant, an achievement that is testament to the expertise of the company’s dedicated professionals, both foreign and local.

Having only entered the mining business in 2008, this is a feat of even greater magnitude, considering the relatively short time it has taken to become a major player in Sudan’s and Africa’s burgeoning mining market.

While it has so far specifically targeted Sudan for its great mineral potential, true to its name, TAHE International Mining is now setting out to explore promising countries all over the African continent and the rest of the world, as well as throughout its native Turkey, with the goal of becoming a global gold producer.

Encompassing this goal, just as it has already initiated in Sudan, the company’s mission is to contribute to the mining industry and national socio-economic development by employing the best available environmental standards, establishing trust with local people, and respecting their values.

Through this approach to corporate social responsibility added to the company’s ambitious exploration and production targets, TAHE not only hopes to become Turkey’s first international company in the gold mining sector, but eventually one of the most important international gold producers in  the world’s gold market.

In the meantime, TAHE’s major focus and operations will remain in Sudan – one of the world’s fastest growing mining market’s and Africa’s third largest gold producer.

“Sudan really is an important country in terms of gold reserves, and in order to access these reserves quickly, substantial investments need to be made,” says CEO Taner Yilmaz.

“I am an investor who believes that within five years Sudan will get back to the economic level of revenue it was at before the division (of South Sudan) and perhaps even more by spreading out across different sectors. That is why we came to invest in this country’s gold mining.”

With TAHE’s mining operations so far producing an average total of around 10,000 ounces of gold per year, following the construction of its new Concentrate Leach System at the end of 2013, it is estimated its gold production will more than double this year to around 25,000 ounces.

What’s more, with work on an additional Tank Leach System expected to be completed in 2014, the company’s gold production is predicted to double again to 50,000 ounces in 2015, and multiply once more to 100,000 ounces in 2016.

This dramatic increase in production is made all the more significant as it will coincide with a rise in global gold prices over the next two years, boosting income from gold exports for both the company and the country of Sudan.

Of course TAHE does not plan to stop there though.  In light of current drilling and geological information, the total production potential of the company’s Abu Sara mine is around 3.5 million ounces of gold.  That means there is plenty more room for expansion in operations.

“We are quickly continuing on with our research and development, explains Mr. Yilmaz. “In Sudan we want to transfer our knowledge and experience to help create a modern mining system and investment style that is environmentally conscious and conscious about people’s safety and health. Within the next 2 years we plan to seriously increase our capacity and, along with investors in the Gulf countries, we want to increase these investments and use Sudan’s full potential, not just for gold, but using other reserves like copper and metal.”