Uganda discovers gold deposits worth 12 trillion USD

Uganda had discovered 31 million metric tons of gold waiting to be mined in the country after several surveys were conducted. A spokesperson from the Ministry of Energy and Mineral Development in Uganda, Solomon Muyita, said that these reports are aimed at attracting gold miners and investors in the crypto sector. In a bid to boost the country’s economy, the Ugandan government has licensed Wagagai gold mining company, a Chinese firm to start producing gold products in Busia district. The company embarked on the construction of its gold refinery valued at USD200m in phases in the district in 2016. Muyita said that the discovered gold could start being mined immediately.

Mining Review Africa report says that refining gold locally could enhance job creation, and improve social service delivery to those living close to where the mineral is extracted. Ugandan President Yoweri Museveni has called for the local refinement of the the commodity, calling any external refinery criminal. “It is criminal for anybody to argue for the continued exports of raw materials in Africa, when there is 90% more value in that product that you are giving to the outsiders, he said. During thr ground breaking ceremony it was informed that largest gold deposit so far quantified in Uganda estimated @ 12.5 tonnes of mineable gold.

Despite all the gold discovered in the country, the mining difficulty is notably high, and this impacts the amount of gold that is actually mined. Around 2500 to 3000 metric tonnes are mined every year. “If this is indeed the volume that we have, it is time to clean our house, and do business, in developing ourselves and our country, by going to the middle income status and beyond.” said Winnie Ngabirwe Mineral Development Expert.