SCARBORO, Tenn., Sept. 16, 2019 /PRNewswire-PRWeb/ — On Thursday 12 September 2019, a delegation from the Republic of South Sudan’s government, headed by the Minister of Mining, Hon. Gabriel Thokuj Deng, met with the executives of three corporations from Canada and the United States at the South Sudanese Embassy in Washington D.C. The South Sudanese delegation is visiting the United States and Canada to sign an agreement that would facilitate satellite imaging of all the mineral resources of the Republic of South Sudan.
CVMR Corporation and REE Magnesium Inc have been asked by the Right Honorable Salva Kiir Mayardit, President of South Sudan, to advise and assist the government in its plans to establish a resource bank, an insurance corporation and to help develop its organic farming and hydropower industries, over and above mapping of the total mineral reserves of the country.
The Minister of Mining of South Sudan, after the signing of the agreement related to the mapping of the South Sudanese mineral resources, stated: “Today is a great day to begin real cooperation between South Sudan, US and Canada to unlock the mineral wealth of my country. It has been quite a long time that South Sudan has been waiting for this day. South Sudan is committed through the guidance and close supervision of the President of South Sudan to fulfill its commitments to the international community and its business obligations to corporations such as CVMR and REE Magnesium. Now that I have signed the first agreement with these Canadian and American companies let us start the business and share the wealth.”
South Sudan is the youngest country as a member of the United Nations. It gained its sovereignty from Sudan in 2011 with assistance from the United States. The satellite imaging of the minerals of this resource-rich country would allow its government to tap into its mineral resources of petroleum, iron, copper, chromium, nickel, cobalt, zinc, tungsten, mica, silver, and gold, much more efficiently. The country also has plenty of hydropower. The Nile River whose many tributaries have sources in this country runs north from the center of the country to the Mediterranean Sea.
The country’s current crude oil supply is channeled through a long pipeline through North Sudan. South Sudan needs sufficient capital to initiate the building of a new pipeline in order to enable it to increase its capacity for planned production and export of its oil and to build a petrochemical plant in the country.
The current oil production of South Sudan is controlled by the largest overseas consortium, known as the Greater Nile Petroleum Operating Company (GNPOC). It is composed of the following members: China National Petroleum Corporation (CNPC) of the People’s Republic of China with 40% shares in the consortium; Petronas of Malaysia with 30%; Oil and Natural Gas Corporation of India with 25% stake and Sudapet of North Sudan with 5% of the shares.
Due to North Sudan’s presence on the United Nations’ list of state sponsors of terrorism and Khartoum’s insistence upon receiving a share of the profits from any oil deal South Sudan conducts internationally, US oil companies are prevented from doing business with South Sudan. As such, US companies have virtually no presence in the South Sudanese oil sector.
Hon. Gabriel Thokuj Deng emphasized the fact that South Sudan would welcome US oil companies and that he hopes that his visit to the United States can highlight this fact.” Kamran Khozan, Chairman of CVMR Corporation, added that “In fact, South Sudan is being punished, unjustly, for the misbehavior of the previous government of North Sudan. We all hope that the United States government would revisit this fact and can find a way to remedy the situation to the benefit of US corporations and South Sudanese people.”
Following the South Sudanese Embassy meeting, REE-Magnesium Inc, CVMR, and the South Sudanese Minister of Mining had a great interview with Newsmax White House Correspondent @JohnGizzi. Stay tuned for his article in the coming days.
SOURCE REE-Magnesium Inc
Read more from original source: https://www.benzinga.com/pressreleases/19/09/n14433193/ree-magnesium-inc-and-cvmr-making-history-in-the-strategic-metal-and-rare-earth-sector