Government is piloting a Domestic Gold Purchase Programme as the $200 million Wagagai mining and refining project begins formal operations in Busia.
Uganda's energy minister Ruth Nankabirwa said government is piloting its Domestic Gold Purchase Programme to tap into the country's mineral resources, speaking at the commissioning of the Wagagai Gold Mining Project in Busia District.
President Museveni described the over $200 million investment as a transformative milestone that will end wasteful export of raw minerals and usher Uganda into a new era of value addition.
The refinery covers 9.224 square kilometres with reserves supporting 20 years of continuous production. At full capacity, the mine will produce about 1.2 tonnes of refined gold per year at 99.99% purity.
Bank of Uganda has established a policy framework to guide gold purchases, with a procurement process underway to identify qualified suppliers for the pilot programme.
Source: Daily Monitor.