Uganda Announces Discovery of Huge Gold Deposits Estimated at 12.8 $Trillion!

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

Discovery of Huge Gold Deposits

Uganda gold

A Chinese-run firm, expects to mine and start refining at least 5,000 kilogrammes of gold a day in Busia by the close of this year!

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

For instance, in 2019 and 2020, the country exported gold worth $1.9b to the United Arab Emirates, $1.4b to South Korea, and $28.7m to Hong Kong.

From Wikipedia, the free encyclopedia:

Magnus International Resources (US), Anglo Uganda Corp. (UK), and Grey Crown Resources Ltd. (Canada) are some of the foreign companies working for gold extraction in Uganda. Gold mining is also done by artisans. The first case of gold production was recorded in 1992, and, in 2000 Uganda, produced 56 kilograms (123 lb) of gold.

The Rupa Gold mine of Karamoja, Uganda is an artisanal (informal) mine located approximately 10 km north of Moroto Town in Uganda’s Karamoja region. After years of instability caused by inter-clan cattle raiding and a decade-long military disarmament campaign in Karamoja, many people in the region have been finding alternatives to their traditional semi-nomadic pastoralist lifestyles. One such alternative is mining.

Typically male, miners use rudimentary tools to dig holes reaching up to 10 m underground. The miners then spend up to ten hours a day digging earth from tunnels. The earth is then passed to the surface in homemade containers where it is washed and sieved.

Gold extracted at Rupa is bought on-site by dealers from other regions of Uganda and neighbouring Kenya. It is then transferred to either Uganda’s capital, Kampala, or Nairobi, the Kenyan capital, for resale. In early April 2011, the local price paid for 0.1 grams of gold was around 7000 Ugandan shillings, equivalent to around 2.5 US dollars. Generally, miners say that they extract between 0.05 and 0.1 grams (known locally as a “point”) each day.

This local price level was barely half the price level on international commodity markets. In early April 2011, gold was trading at $1,476 per troy ounce, equivalent to $47.45 per gram, or $4.75 per point. The differential between the local and international price reflects the costs involved in transporting output from mines and the profit margins taken by local, regional and global intermediaries. In the absence of official data, estimating the size of the gold deposits at Rupa remains difficult, but local mining officials have said that as many as 10,000 people now depend on the mine for their incomes.

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