The global Gold Industry is still struggling to come to terms with an official announcement by the land locked East African nation about the discovery of more gold than has ever been mined on Earth. Of course if true, this would totally change everything you ever knew about Gold commodity as well as Uganda as country. Uganda is one of the poorest countries on Earth though she possesses about 6 billion barrels of Oil deposits whose production is anticipated to begin by 2023.
The President of Uganda, H.E Yoweri Kaguta Museveni announced that the country has struck a deposit of 31 million tonnes of gold ore, with extractable pure gold estimated to gross 320,000 tonnes. Museveni broke news of the find in his State-of-the-Nation Address yesterday, but provided little detail, pointing in general that the gemstones would fetch the country more than $12 trillion.
Technocrats in the Ministry of Energy and Mineral Development, Mr Museveni noted, had informed Cabinet that the country was positioned to get slightly under $700m monthly in royalty payments, with the investors poised to cash in on the windfall. Citing six local gold refineries, among them Africa Gold Refinery in Entebbe that the United States sanctioned in March over illicit source of its gold, the President declared that the time for Uganda to ship unprocessed exports is over.
Ministry of Energy and Mineral Development spokesperson Solomon Muyita noted that the gold-endowed parts of Uganda include Alupe in Busia and Karamoja, both in eastern Uganda; Kameleng, Kisita, and Ngugo in Kassanda District in central region; and, Bushenyi’s Tiira area in western Uganda. The volume of the reserves is estimated at 31 million tonnes of gold ore, or net 320,158 tonnes of gold, valued at $12.8 trillion, according to a document prepared by the line ministry.