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Uganda Announces Discovery of Huge Gold Deposits Estimated to be Worth Over $12 Trillion

Last week Uganda announced that recent exploration surveys have revealed that it has a gold ore deposit of approximately 31 million tonnes. 

President Museveni broke news of the find in his State-of-the-Nation Address saying the gold would make the country more than $12 trillion.

Over the last two years, aerial exploration was done across the country followed by geophysical and geochemical surveys and analyses, Solomon Muyita, spokesperson for the Ministry of Energy and Mineral Development, told Reuters.

According to Muyita, the 31 million tonnes is estimated to be about 320,000 tonnes of extractable refined gold. 

Most of the deposits were discovered in Karamoja, a sprawling area in the country’s northeastern corner on the border of Kenya. Large reserves were also found in eastern, central, and western areas of the East African country.

Muyita said a Chinese-run firm named Wagagai has invested $200 million. The company has set up a mine in eastern Uganda and expects to start refining at least 5,000 kilogrammes of gold per day before the end of this year. Wagagai had invested $200 million, he said, and its mine will have a refining unit.

Earlier this year, Parliament enacted a new mining law that, once signed by the president, will pave the way for the creation of a state mining company. 

The state run company will receive 15% of every mining operation and investors will be required to sign a production-sharing agreement with the government. 

Uganda’s gold exports have been on the rise since opening the Africa Gold Refinery in Entebbe, according to official records.

In 2019 and 2020, the country exported gold worth $1.9b to the United Arab Emirates, $1.4b to South Korea, and $28.7m to Hong Kong.

It remains unclear what the immediate and long-term impact of the huge gold discovery will be on the economy of Uganda however, if the estimates are accurate, it would suggest that the gold find would topple the estimated billions of dollars expected from oil still in the ground in the Albertine region. The country is expected to start extracting that oil in 2025.

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9 comments

Rasheem W June 15, 2022 at 10:35 am

Thats almost the USA’s total GDP!!!!

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Delores Crabb June 15, 2022 at 10:41 am

Wish they would’ve kept that to that them self. Now it’ll be internal and external war in Uganda

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Marcus June 15, 2022 at 8:37 pm

And they are already selling rights to the Chineese!! We don’t ever learn

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Tyree M. June 15, 2022 at 11:42 pm

And every other country will milk it dry. If Uganda doesn’t give it up, they will take it by force by making some sort of excuse to enter the country. Happens over and over and over

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Ron Mills June 16, 2022 at 7:04 am

Yes!! Other countries will definitely take advantage of them such as China did already thr truth speak for it self, it’s shameful

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Tyson June 17, 2022 at 11:46 am

That’s why don’t sit on side line when such atrocities are being don u do not have to use eny violince ore be hostile all u have to do is let your voice be heard and try and record it on phone ore some thing and educate the people that don’t no ore understand what going on is the silince that give these animals rovers the power to do such things people starting to wake up more and they ain’t planing to be silent ever againp

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Jaimie June 16, 2022 at 10:31 am

I hope only African companies are mining those deposits.

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Sharonda Allen June 16, 2022 at 12:30 pm

Why even announce this??? They are inviting the world to rob them

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Marvin June 20, 2022 at 11:20 am

Watch out for the “foreign aid” Its coming for sure

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