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Uganda’s recent exploration surveys have estimated its gold ore deposits at about 31 million tonnes.The country is keen to invite big investors to develop the sector that has been so far dominated by small wildcat miners.
Spokesperson from the Ministry of Energy and Mineral Development,of Uganda has stated that
Uganda’s recent exploration surveys have estimated its gold ore deposits at about 31 million tonnes.The country is keen to invite big investors to develop the sector that has been so far dominated by small wildcat miners.
The estimate reportedly was prepared after completing aerial exploration across the country followed by geophysical and geochemical surveys and analyses, over the last two years. An estimated 320,158 tonnes of refined gold could be extracted from the 31-million tonnes of ore. Large reserves were found in Karamoja, in the country’s northeastern corner on the border with Kenya as also in eastern, central and western areas of Uganda. A Chinese company has invested $200-million and set up a mine and a refining unit in Busia in eastern Uganda which is expected to start production this year.
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Uganda has been scouting for investment in mining to develop resources like copper, iron ore, gold, cobalt and phosphates as well. A new mining law was enacted in the parliament early this year paving the way for the creation of a state mining company that will have a 15% stake in every mining operation. Contrary to the previous practice of granting mining production licenses on a first-come, first-served basis to investors, the new law enforces investors to sign a production-sharing agreement with the government.
