Uganda’s gold reserves now stand at over 221 metric tonnes, the state minister for investment, Evelyne Anite, has said. 

The value of the gold reserves, Anite added, is about $3.4b. 

“Uganda's Gold reserves stand at over 221 metric tons, valued at over $3.4 billion. We spent a day in the goldmine tunnels of Wagagai Mining Company in Busia. World-class mine will deliver over 25 tons of pure gold and 50 tons at full capacity per year,” she said. 

Anite and her team at the Uganda Investment Authority (UIA) on Tuesday (April 5) toured Wagagai mining company in Busia, a company they say will create 6, 000 direct jobs and leverage Uganda’s $620 billion mineral industry. 

In 2017, President Yoweri Museveni commissioned Uganda’s first gold refinery. 

The $20 million African Gold Refinery in Entebbe, which has the capacity to process up to 300kg of gold per week, was the first in the East African region. 

“We shall be very harsh on anyone who delays manufacturers, processors and investors,” Museveni said at the launch of the gold refinery company in Entebbe.