$12.8 Trillion Worth of Gold Deposits Discovered in Uganda

Uganda has announced that it has struck a deposit of 31 million tonnes of gold ore, with extractable pure gold estimated to gross 320,000 tonnes.

President Museveni provided little detail, pointing in general that it 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 $700 million in royalty payments, with the investors poised to cash in on the windfall.

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. If these numbers are true then the value of the Gold Markets just HALVED. The exisiting gold market is worth roughly $12.8 Trillion Dollars- that was before the claims of these findings.

There were no readily available figures on how many new jobs the huge gold find will create.

Uganda’s gold exports have been on the rise since opening the Africa Gold Refinery in Entebbe, according to official records.

In 2019 and 2020, the country exported gold worth $1.9 billion to the United Arab Emirates, $1.4 billion to South Korea, and $28.7 million to Hong Kong.

In contrast, Uganda imported nearly $2 billion worth of gold, making it the 18th largest gold importer in the world.