Kampala, August 17 /BNA/ The Republic of Uganda announced the opening of its first large-scale gold mine in its history, with Chinese investments amounting to $250 million, located in the eastern part of the country. A statement from the Ugandan presidency explained that the project includes refining the precious metal to a purity of 99.9%, processing about five thousand tons of gold ore daily, with expectations to produce 1.2 metric tons of refined gold annually, compared to a total local production of only 42 tons in 2023. The East African country, rich in various mineral resources including copper, cobalt, and iron ore, aims to expand its mining industry and strengthen its position as a major gold producer and exporter. According to the Bank of Uganda, gold export revenues reached $3.4 billion last year, equivalent to 37% of total export revenues, mostly from re-exports, while local production comes from small-scale mining operations.

Ugandan President Yoweri Museveni stated that the country is moving towards adding full value to all minerals, including gold, lithium, and tin, confirming that revenues generated from this sector will be used to develop strategic assets such as power plants and national railways.