Policies Administration Circular No. 2/2025: Policies for Purchasing and Exporting Gold of Concession Companies and Small-Scale Mining Companies

In the name of Allah, the Most Gracious, the Most Merciful Central Bank of Sudan Central Bank of Sudan

General Administration for Policies, Research and Statistics

Date: 21/Rajab/1446 AH
Corresponding to 21/January/2025 AD
Central Bank of Sudan – Khartoum
General Administration for Policies, Research and Statistics Policies Administration Circular No. (2/2025) Addressed to all banks and relevant entities

Subject: Policies for purchasing and exporting gold of concession companies and small-scale mining companies

Pursuant to the powers of the Governor of the Central Bank of Sudan under Article (7) and Article (8) of the Currency Dealing Regulation Act of 1981 and Article (20) of the Currency Dealing Regulation Regulations of 2013, and within the framework of regulating gold purchasing and export operations, the following has been decided:

First/ Cancellation of the following circulars:

1. Policies Administration Circular No. 24/2022 issued on 17 March 2022 concerning the policies for purchasing and exporting gold of concession companies and small-scale mining companies, provided that all previous circulars cancelled by this circular shall remain cancelled.

2. The circular issued on 11 June 2023 concerning the export and purchase of gold of concession companies and small-scale mining companies.

3. Policies Administration Circular No. (4/2024) issued on 5 November 2024 concerning payment methods for exports of free gold, gold of tailings mining companies, and gold of small-scale mining companies.

4. Policies Administration Circular No. (5/2024) issued on 5 November 2024 concerning the policies for purchasing and exporting gold of concession companies and small-scale mining companies.

Second/ Banks shall not complete banking procedures for gold exports by concession companies and small-scale mining companies except after obtaining the following:

1. Written approval from the Central Bank of Sudan.

2. Certificate of the Sudanese Standards and Metrology Organization.

3. Export approval certificate from the Ministry of Minerals.

Third/ Banks shall execute gold export operations for concession companies and small-scale mining companies in accordance with the following controls:

1 - Concession companies:

Companies holding a concession in the field of gold mining shall be permitted to export 70% of the remaining production after deducting the government's shares of zakat, jizya returns, and business profits in kind, provided that the proceeds are retained in their accounts inside or outside Sudan to be used in accordance with what is stipulated in the signed agreements.

[رؤيتنا] To be among the leading central banks at the regional and international levels in maintaining monetary and financial stability in a manner that contributes to achieving sustainable economic growth and enhances global confidence in our banking credibility.

b. Selling the remaining amount (30%) to the Central Bank of Sudan or its delegate, whether or not the percentage specified in (a) above has been exported.

2- Small-scale mining companies:

a. Small-scale mining companies shall be permitted to export 70% of the remaining production after deducting the government's shares of zakat, jizya returns, and business profits in kind from the total production of those companies in accordance with global stock exchange prices and the following payment methods:

I. Advance payment provided that the transfer is made from abroad.

II. Documentary credits reinforced for sight, in accordance with the following conditions:

i. Not including in the credit texts any conditions related to the goods, such as the condition of assay abroad.

ii. The value of the proceeds shall be recovered in the case of documentary credits upon acceptance of the documents and within a maximum of 30 days from the date of shipment.

b. The proceeds of gold exports of small-scale mining companies shall be recovered and retained in an office account in foreign currency in the name of the company opened for this purpose with approved banks called (gold export account), which shall be credited with the proceeds immediately upon receipt, provided that those proceeds remain in the export account for a maximum period of 21 working days. In the event that the specified period for the proceeds to remain in the export account is exceeded, they shall be purchased for the account of the Central Bank of Sudan at the bank's purchase price announced on the date of their addition to the export account, provided that they are added to the accounts of the Central Bank of Sudan specified by it with its correspondents abroad.

c. The proceeds of gold exports of small-scale mining companies shall be used for any of the following purposes:-

I. Meeting the needs related to the activity in accordance with the regulating controls

II. Selling to the Central Bank of Sudan at its announced exchange rate.

d. The remaining amount (30%) shall be sold to the Central Bank of Sudan or its delegate, whether or not the percentage specified in (2- a) above has been exported.

Fourth/ The Central Bank of Sudan's gold purchase operations, including gold of concession companies and small-scale mining companies, shall be executed by the Sudan Gold Refinery Company, in accordance with the following:

1. Determination of the karat by the Sudanese Standards and Metrology Organization.

2. Determination of weights by the committee formed by the Sudanese Mineral Resources Company in the states and competent for receiving companies' gold.

3. Submission of a document to the Central Bank of Sudan indicating that the government's shares of zakat and jizya returns and the government's share in the business profits of mining companies have been deducted in kind by the Sudanese Mineral Resources Company.

This circular shall enter into force as of its date, taking into account its circulation to all your operating branches.

p.p. Central Bank of Sudan
Intisar Taj El-Sir Ahmed
Deputy Abdullah Yabakr

Policies Administration
General Administration for Policies, Research and Statistics

[رؤيتنا :] To be among the leading central banks at the regional and international levels in maintaining monetary and financial stability in a manner that contributes to achieving sustainable economic growth and enhances global confidence in our banking credibility.