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Company president and CEO Richard Clark in a statement on Friday described the signing ceremony in Khartoum as a “momentous event”, marking the payoff of a decade-long push for a commercial gold industry in Sudan.

“I am extremely proud of our team for their faith, hard work and unfailing belief that Sudan is the next, if not, the final frontier for gold exploration and development on the continent of Africa,” he said.

By concluding the agreements with Orca, Sudan sent a “clear message” to other mining companies keen to invest in the country, Clark noted.

He added in the statement that contrary to media reports of instability in the Sudanese political environment, the political climate continued to be “extremely positive” towards international investment and infrastructure development.

On Monday, newswire Reuters reported that members of Sudan's Cabinet and a large number of pro-government party leaders were arrested in an apparent coup after weeks of tension between the military and a civilian government.

Meanwhile, anticipating the successful conclusion of negotiations with Sudan, Orca has continued in its preconstruction activities at Block 14. The first phase of the development camp construction was well advanced and scheduled for completion before year-end.

In addition, the first flight recently landed at Block 14’s newly completed airstrip. Regular flights would now be scheduled in conjunction with operations and development requirements. The airstrip cuts travel time from Khartoum from 14 hours to 2 hours and increases safety protocols for the operation.

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.

The mine at Block 14 will produce 167 000 oz/y at an all-in sustaining cost of $751/oz. In the first seven of the 13.6 year mine life, Block 14 would average at 228 000 oz/y.