National
Global mineral experts' conference for October
Publish Date: Jul 23, 2014
Global mineral experts' conference for October
National Oil Authority proposed board members Reuben Kashambuzi (L) shake hands with Doreen Kabasindi Wandera as others Francis Nagimesi and Dr. Immaculate S. Nakimera look before the vetting at parliament. Photo/Maria Wamala
  • mail
  • img
newvision

By David Mugabe

Top global investors and leaders will gather in Kampala for the third Mineral Wealth Conference (MWC14), a gathering that is increasingly emerging as the premier meeting point for the industry in East Africa.

Irene Nakalyango, chief executive officer, Uganda Chamber of Mines and Petroleum (UCMP) said preparations are well ahead of time with several industry leaders having confirmed their participation including from the fairly advanced minerals sector in South Africa.

With the minerals sector in Uganda under review, interest is growing with the promise of previous meetings showing that the country is richly endowed but yet to turn this underground endowment into actual value for the citizenry.

This issue will once again form the core of discussions according to Nakalyango.

Information from the Uganda Chamber of Mines and Petroleum (UCMP) also indicates that local firms are picking more interest in the extractive sector and how they can directly or indirectly benefit from this home found potential.

The chamber is the main lobby group that represents largely the interest of the private sector in the country’s extractives industry.

The chamber currently has more than 100 members from oil and gas, mining, insurance, banking and clearing and forwarding.

Individual firms under the chamber include top banks like Stanbic, Standard Chartered as well as oil companies including Tullow, CNOOC and Total and several other mining firms that have partnered with foreign groups. Mukwano group is the latest company to join the chamber.

Many of the formal financial institutions are reluctant to put money into the extractive industry because of the associated risks.

Under taking the refinery project in western Uganda as well as other vast infrastructure projects will also require huge financing that banks both local and foreign and under the chamber could pull together to provide pooled financing.

The country will need close to $15b to undertake the commercial oil development plan.

Uganda has steadily pushed its oil and gas sector setting in place required legislation and recently, the country’s legislature vetted members who are supposed to constitute the National Oil Company and the National Oil Authority which is considered a significant step to ensure when the oil flows out of the ground, the necessary systems are in place to regulate as well as manage oversee other operational stages.
 

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
Army chief urges youth on hard work
The Chief of Defence Forces, Gen. Katumba Wamala, has cautioned the youth against impatience urging them to devote their energies to productive activities....
Rakai launches campaign against teenage pregnancies
Rakai district has partnered with local charities to end child marriages. This follows reports of an increase in the rate of school dropout among girls....
US Embassy empowers Kampala youth
Sports betting and gambling are fast becoming a serious challenge to youth employment in Kampala City since majority of losers in betting resort to crime including robbing and hitting people with iron bars....
‘Jamwa did not cause any financial loss to NSSF’
City lawyer Fred Mpanga has asked the Court of Appeal to acquit former NSSF managing director David Chandi Jamwa of abuse of office and causing financial loss....
Works ministry calls for UNRA independent procurement
The Uganda National Roads Authority (UNRA) has paved 305km of roads this year closing in on the national development target of 1,100 kilometers of roads to be paved by 2015....
NMS procures 6400 mattresses for hospitals
ACCORDING to the Ministry of Health facility Inventory July, 2013, they are 48 government general hospitals with a bed capacity of 6000, 170 heath centres IVs with a bed capacity of 6,800...
Should diplomatic passports issued to ex-govt workers be with drawn?
Yes
No
Can't Say
follow us
subscribe to our news letter