Uganda Government moves to end Exportation of unprocessed minerals
Uganda is rich in critical mineral resources that could help the country transition to a green economy. These include abundant deposits of gold, uranium, limestone, marble, graphite, iron, copper, and cobalt, among others. In the 1950s and 1960s, these resources made up 35% of Uganda’s export earnings, but their contribution […]
Jomark Rayal Minerals with Gold refining facility.
The Jomark Rayal Gold smelting facility has obtained ICGLR certification, signifying its commitment to responsible and sustainable mineral processing. With an annual capacity to produce 1,000 tonnes of gold ingots and a $2 million investment, the facility is poised to make a significant contribution to Uganda’s GDP, which currently sees a 2.2% contribution from the mineral sector, according to a 2023 UBOS report.
Uganda’s Mineral Sector Potential
Despite its potential, Uganda’s mineral sector is still struggling. It is characterized mainly by informal, illegal artisan mining and massive speculation, with no concrete data on known deposit reserves. Uganda is underexplored and thus largely considered a “green field” in terms of mineral deposits potential.
A change in circumstances and prioritizing could lead the sector to become the backbone of economic development and improve the international balance of payments.
Major gold deposits discovered in Uganda
In June 2023, Ugandan officials announced that approximately 31 million metric tonnes of gold ore had been discovered in the country. This could result in as much as 320,158 metric tonnes of refined gold, worth an estimated US$12 trillion. The discovery has the potential to prompt a surge in investment […]