UGANDA DISCOVERS GOLD DEPOSITS WORTH OVER $12 TRILLION, BOOSTING ECONOMIC PROSPECTS

Uganda has announced the discovery of approximately 31 million metric tons of gold deposits valued at over $12 trillion, igniting significant optimism for the country’s economic future.

A spokesperson for Uganda’s Ministry of Energy and Mineral Development, Solomon Muyita, revealed that the findings are designed to attract both gold miners and investors, particularly in the burgeoning crypto sector.

To capitalize on this resource, the government has licensed Wagagai Gold Mining Company, a Chinese firm, to commence gold production in the Busia district. Wagagai began constructing a $200 million gold refinery there in phases starting in 2016, aiming to boost local refinement and economic benefits.

President Yoweri Museveni has strongly advocated for local refining of Uganda’s gold, calling continued export of raw materials “criminal” due to the vast value lost to foreign entities.

Wagagai’s General Manager, Tan Chun Chi, disclosed that the firm has invested $60 million so far and recently secured a gold production license valid for 21 years. The company plans to accelerate operations with production expected to start by July 2025.

While mining challenges remain significant, with annual yields around 2,500 to 3,000 metric tonnes, experts like Winnie Ngabirwe emphasize that the scale of deposits offers a unique opportunity for Uganda to elevate its economy to middle-income status and beyond.

Source:NKONKONSA.com