The discovery has sparked nationwide optimism, signaling a potential turning point in the country’s economic trajectory.
According to the Ministry of Energy and Mineral Development, the announcement aims to attract gold miners and global investors, including those in emerging sectors like cryptocurrency.
To harness this massive resource, the government has granted mining and refining rights to Wagagai Gold Mining Company, a Chinese firm operating in Uganda’s Busia district. Since 2016, Wagagai has been developing a $200 million gold refinery in the area, designed to boost local processing and ensure the country captures more of the value chain.
President Yoweri Museveni has called for a strict focus on in-country gold refining, criticizing the export of raw materials as a significant loss for Uganda’s economy.
Wagagai’s General Manager, Tan Chun Chi, confirmed that the company has already invested $60 million and secured a 21-year production license. Full operations are scheduled to begin by July 2025.
Despite logistical and operational challenges, the immense scale of Uganda’s newly identified gold reserves presents a historic opportunity. Experts believe it could drive the country toward achieving middle-income status and beyond, with increased job creation and industrial development on the horizon.
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