Mineral earnings to soar
Dec 04, 2006
EARNINGS from mineral exports and exploration will jump in three years after the geophysical survey data, the mineral development minister, said last week.
By Kiganda Ssonko
EARNINGS from mineral exports and exploration will jump in three years after the geophysical survey data, the mineral development minister, said last week.
This is because the results of the survey would attract more investors, Kamanda Bataringaya, said.
“As government, we project that the exploration investment will increase from $3m to over $50m annually.
“Revenues will rise from $1m to $35m and mineral exports from $22m to $350m every year,†he said.
The minister was launching a $5m-airborne geophysical surveys at Old Entebbe Airport.
He said the data would boost exploration interest and lead to new deposit discoveries.
Bataringaya said the data would also lead to the opening up of new mines,â€
He said the survey would unveil the existence of unknown minerals but concentrate on the known resources.
The survey will generate quality airborne geophysical data to identify target areas of maximum mineral potential to be promoted to investors for exploration, Bataringaya said.
The survey is under a five-year $42m sustainable management of mineral resources project.
The project started in 2004. It is undertaken by Fugro Airborne Survey of South Africa in collaboration with the Department of Geological Survey and Mines Entebbe. It is funded by African Development Bank.
Bataringaya said the date generated would also be utilised in other sectors like physical and infrastructure planning, agriculture, land use, water resources.
EARNINGS from mineral exports and exploration will jump in three years after the geophysical survey data, the mineral development minister, said last week.
This is because the results of the survey would attract more investors, Kamanda Bataringaya, said.
“As government, we project that the exploration investment will increase from $3m to over $50m annually.
“Revenues will rise from $1m to $35m and mineral exports from $22m to $350m every year,†he said.
The minister was launching a $5m-airborne geophysical surveys at Old Entebbe Airport.
He said the data would boost exploration interest and lead to new deposit discoveries.
Bataringaya said the data would also lead to the opening up of new mines,â€
He said the survey would unveil the existence of unknown minerals but concentrate on the known resources.
The survey will generate quality airborne geophysical data to identify target areas of maximum mineral potential to be promoted to investors for exploration, Bataringaya said.
The survey is under a five-year $42m sustainable management of mineral resources project.
The project started in 2004. It is undertaken by Fugro Airborne Survey of South Africa in collaboration with the Department of Geological Survey and Mines Entebbe. It is funded by African Development Bank.
Bataringaya said the date generated would also be utilised in other sectors like physical and infrastructure planning, agriculture, land use, water resources.