Skip to comments.Uganda says exploration results show it has 31 mln tonnes of gold ore
Posted on 06/14/2022 9:32:25 PM PDT by yesthatjallen
KAMPALA, June 8 (Reuters) - Uganda on Wednesday said recent exploration surveys have shown it has gold ore deposits of about 31 million tonnes and it wants to attract big investors to develop the sector hitherto dominated by small wildcat miners.
Over the last two years aerial exploration was done across the country followed by geophysical and geochemical surveys and analyses, Solomon Muyita, spokesperson for the Ministry of Energy and Mineral Development, told Reuters.
Muyita said an estimated 320,158 tonnes of refined gold could be extracted from the 31 million tonnes of ore.
Most of the deposits were discovered in Karamoja, a parched sprawling area in the country's northeastern corner on the border with Kenya. Large reserves were also found in eastern, central and western areas of the East African country.
Muyita said Wagagai, a Chinese company, had set up a mine in Busia in eastern Uganda and was expected to start production this year. Wagagai had invested $200 million, he said, and its mine will have a refining unit.
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.
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I bet Idi Amin Dada, President for life, wishes he wasn’t pushing up daisies right now.
Although that is quite a lot or pure refined gold, look at what they have to process to get it.
The price drops..which it will, and the mine will close.
So that is 50 % more than the corrent world total. Look it up.
Yup a WHOLE bunch.
You go Uruguay and I’ll go Paraguay.
You go to Indonesia, I go to Out-door-nesia
This sounds like one of those Nigerian scams.
Anyone recall Bre-X, aka the Bungle in the Jungle?
That would be worth about $18 trillion.
I’ve been to Uganda. Wonderful, lovely people. Fantastic tea and fruits.
Don’t believe a single word of what comes out of their government.
I guess Uganda can have Nigerian scams too. 😀 What are they offering? 50% of the profits for 10 years? How much good faith money do they want? 🤭
It’s always something meteors full of gold golden seawater huge sunken ship full of gold and now the largest deposit ever in the world every time they have trouble with the goldge paper short they start doing this shit
Their claimed 1% ore would be considered VERY high gold content and probably BS.
A mine with 10 grams per TON is considered high yielding and that is “only” .001%
Maybe everyone will move there instead of here now /s and of course the Ugandan people will get shares /s
Yep - That's why this article isn't credible.
And, I have 40 million tons in my back yard!
I’ve been there as well, agreed on both points.
We used to live & work with a small tribe in far NE Karamoja region of NE Uganda. There IS gold there! The standard measure for exchange among the locals was a little over one inch of gold dust inside the quill from a large feather, vulture IIRC.
They would dig deep into the dry riverbed until they hit they gravel layer, then haul a basin of gravel back to where there was enough water for panning. The wife of a local pastor friend did this to get money to buy food for her family.
From the air, these digging areas were pockmarked with many, many large sand pits. It looked like doodle bug holes, or the dimpled surface of a golf ball!
We never bought any... once the word got out that we were carrying gold, the probability of ambush went WAY up!
The song introduced this man to me - I had no idea who he was or what he did
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