CMA to discuss funding options at oil and minerals meet
Sep 10, 2014
The Capital Markets Authority (CMA) will make a key presentation on the opportunities for raising financing through the capital markets for the oil and gas industry next week.
By David Mugabe
The Capital Markets Authority (CMA) will make a key presentation on the opportunities for raising financing through the capital markets for the oil and gas industry next week.
Keith Kalyegira, the chief executive officer of CMA will talk to members of the Uganda Chamber of Mines and Petroleum (UCMP) during their annual general meeting on September 17, 2014 at the Kampala Sheraton. The chamber is the top lobby group for the private sector in the oil, gas and minerals industry.
Uganda Chamber of Mines and Petroleum chief executive Irene Nakalyango announced that a top official from the petroleum and exploration department will also discuss the state of the oil and gas sector in Uganda at the AGM.
The AGM comes exactly two weeks ahead of the annual mineral wealth conference slated for the first week of October.
President Yoweri Museveni hosted member of the chamber in a post conference meeting last year in which several issues on how to move the industry forward were discussed.
Earlier at the 2013 conference, Museveni had passionately delved into need for the country’s extractive industry resource abundance to be turned into value here and not shipped as unprocessed raw materials.
This year, the conference that is emerging as the premier minerals annual meeting point in the region has lined up top global industry leaders including from the more developed mining states of South Africa and Australia.
Meanwhile, Tororo Cement Limited (TCL) has become the latest company to join the Uganda Chamber of Mines and Petroleum. The Eastern Uganda based firm is expected to bring considerable clout to the budding UCMP seeing that it is one of the mainstays in the country’s recent mining history.
Tororo is the largest manufacturer of cement in Uganda having expanded its capacity to 1.8 million tons from 1.4m after adding ultramodern technology, a cement grinding mill, rotary packers and storage silos.
“We have strived to stay at the very top in Uganda’s mining sector, operating in the districts of Tororo, Kapchorwa, Moroto.
And we do all this within the country’s mining and environmental regulations. As such, Tororo Cement contributes about sh1.5 billion ($0.6m) annually to the exchequer,” says B.M. Gagrani, the managing director.