Uganda discovers gold deposits worth 12 trillion USD!
Recent exploration surveys in Uganda have shown it has gold ore deposits of about 31 million tonnes!
Aerial exploration across the country,
followed by geophysical and geochemical surveys and analyses, confirmed the findings as per Solomon Muyita statement, the spokesperson for the Ministry of Energy and Mineral Development
Over 320,158 tonnes of refined gold could be extracted from the 31 million tonnes of ore!
*The Journalbiz on Ugandna’s gold discovery
Uganda's recent exploration surveys have shown that it has gold ore deposits of over 31 million tonnes and it wants to attract big investors by develop the sector accordingly!#gold #uganda #inflation https://t.co/wKxc7sYYEq
— The_Journalbiz (@the_journalbiz) July 7, 2022
Most of the deposits were discovered in Karamoja, northeastern corner on the border with Kenya.
Large reserves were also found in eastern, central and western areas of the East African country.
President Yoweri Museveni’s government,has been seeking to ramp up investment in mining to develop resources like copper, iron ore, gold, cobalt and phosphates.
Parliament early this year enacted a new mining law that, once signed by the president, will pave way for the creation of a state mining company.
The company will compulsorily acquire a 15% stake in every mining operation and investors will be required to sign a production-sharing agreement with the government