Exploration surveys in Uganda claim to have discovered 31 million metric tonnes of gold.
While gold is commonly thought to be a scarce commodity, Uganda said on Wednesday that fresh exploration studies show the region has around 31 million metric tonnes of gold ore waiting to be mined. Furthermore, a representative for Uganda’s Ministry of Energy and Mineral Development stated that the country has an estimated 320,158 tonnes of refined gold. The price of one ounce of pure gold has increased by 48 percent against the US dollar during the last five years. This year, the spot market value of an ounce of gold reached an all-time high of $2,060 per unit. An ounce of gold costs $1,840 today, and the spot market price has increased by 0.48 percent in the last 30 days.
Solomon Muyita, a spokesman for the Ministry of Energy and Mineral Development, told Reuters on Wednesday that the country has discovered 31 million tonnes of ore after performing a series of exploration surveys across the country. According to the spokesman, 320,158 tonnes of refined gold may be extracted right away, and Wagagai Mining, a Chinese business, is already intending to dig in the area. Wagagai received its gold production license in March 2022 and signed a 21-year mining contract with officials from Uganda’s eastern region’s Busia district.
The majority of the ore was discovered in Karamoja, Busia District, as well as the central and western districts, according to Muyita. Wagagai is located in Mawero Parish, Butebo sub-county, and is expected to have 12.5 metric tonnes of mineable refined gold. Wagagai will begin production this year, according to Muyita, and the business has already invested $200 million in the refinery’s construction. However, gold’s scarcity now originates from the difficulties of extracting the ore. Wagagai will begin production this year, according to Muyita, and the business has already invested $200 million in the refinery’s construction. Gold’s scarcity now originates from the difficulty of extracting the mineral.
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