Uganda Opens Major New Gold Mine
Uganda has recently inaugurated a new, large-scale gold mine in the eastern part of the country, a project built at a cost of $250 million. This development marks a significant step for Uganda's mining sector.
The new facility is engineered for high-volume output, with the capacity to process 5,000 tons of gold ore per day. This processing power translates to an annual production of 1.2 metric tons of pure gold.
This mine is a joint venture between Uganda and China, and it is expected to substantially increase the African nation's gold export revenue. Gold is already a cornerstone of Uganda's economy, being its largest foreign exchange earner. In 2024, the country generated $3.4 billion from gold exports, which constituted approximately 37% of its total export earnings.
Ugandan President Yoweri Museveni emphasized the strategic importance of this new venture. He stated that to truly expand the mining industry, Uganda must focus on adding value to its raw minerals like gold and lithium before they are sold on the global market. This approach aims to maximize the economic benefits derived from the country's natural resources.
#Uganda #GoldMining #EconomicDevelopment #ForeignInvestment #Museveni #China #MineralWealth