World Record Gold Discovery! $12.8 Trillion Worth of Gold Found?

Fact or fiction? Uganda recently reported that the country might be sitting on gold deposits worth over $12 trillion.

If proven true, this would exceed the estimated value of all the gold ever mined in the world throughout history.

World Record Gold Discovery!

With out any proper exploration, drilling etc. & the history of Ugandan Governments this amount of gold is extremely hard to believe . There are gold deposits throughout the world but on this scale probably not .

Ugandan gold discovery

The world produces roughly 3,000 metric tons of gold annually. The Ugandan government has stated they could have about 320,000 metric tons of gold in the ground — a figure that, if mined, would dramatically increase the global supply of gold and potentially create downward pressure on its price.

According to the Ugandan government, the value of 31 million tonnes of gold ore stands at $12.8 trillion. It is said, refining gold locally can lead to the generation of 3,000 direct jobs and other opportunities. The government predicts that local mining can boost the country’s economy in a big way.

As per reports, a Chinese firm has invested $200 million in constructing a refining facility. According to the spokesperson of the Ministry of Energy and Mineral Development, Solomon Muyita, the Chinese-run firm expects to mine and start refining around 5,000 kg of gold a day in Busia by the end of the year. Uganda’s gold exports have reportedly been on the rise since the opening of the Africa Gold Refinery in Entebbe. Pointing to six local gold refineries, the President has said that the time for Uganda to ship unprocessed raw gold exports is at its end. The Africa Gold Refinery in Entebbe was sanctioned by the US over alleged illicit gold sourcing.