The East African country of Uganda has announced the stunning discovery of $12 Trillion US Dollars worth of recoverable gold deposits in one of the most remarkable historical finds.
With total recovered gold valued at around $12.5 Trillion USD, this represents a step change in the economic fortunes of the African nation, and will have repercussions in the global gold markets.
Uganda have partnered with a Chinese firm Wagagai gold mining company, to begin gold production in the Busia district.
The company began construction of its gold refinery valued at $200mUSD in staggered phases in 2016, it has been reported by the Ministry of Energy and Mineral Development that the discovered gold could start being mined almost immediately.
Recovering and refining the gold locally will create as many as 3000 direct jobs.
Ugandan President Yoweri Museveni has demanded the local refinement of the gold, stating that any external refinery would be criminal.
“It is criminal for anybody to argue for the continued exports of raw materials from Africa, when there is 90% more value in that product that you are giving to the outsiders” Museveni said.
The general manager of Wagagai gold, Tan Chun Chi, said the investment so far has reached $60 million USD and he explains that construction would be further ahead if certain licenses had been obtained earlier.
The company has a 21-year lease to mine gold in Uganda. and expect to increase their speed so gold production can begin by July 2023.
Gold mining in Uganda has traditionally been difficult and plagued with a variety of issues.
“If this is indeed the volume that we have, it is time to clean our house, and do business, in developing ourselves and our country, by going to the middle income status and beyond.” said Winnie Ngabirwe Mineral Development Spokesperson.