Uganda is on the verge of becoming the global leader in gold production after their recent discovery of a gold deposit.
Uganda has discovered over 31 million metric tonnes of gold ore, with an estimated yield of more than 320,000 tonnes of refined gold, valued at approximately $12 trillion.
The deposits is located in the Karamoja region in Uganda’s northeastern corner near the Kenyan border. Additional reserves were found in the eastern, central, and western regions of the country.
According to the spokesperson for the Ministry of Energy and Mineral Development, the deposit was identified through two years of aerial exploration, geophysical, and geochemical surveys.
The mining and refining of the new deposit is contracted to Wagagai Gold Mining Company, a Chinese firm.
Wagagai Gold Mining Company invested $200 million in a refining facility in Busia, is already licensed to begin production, with plans to refine up to 5,000 kg of gold daily.
The government estimates royalty payments could reach $700 million. A new mining law, enacted in 2022, also aims to establish a state mining company to secure a 15% stake in operations.
The government has emphasized local refining to maximize economic benefits, projecting the creation of 3,000 direct jobs and enhanced social services for local communities.
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