Uganda gold discovery

But the waiting is getting rather long and we have now set our sights on other rich endowments nature put in the soil for us. Recently it was announced from the government that we have gold deposits worth over $10 trillion. The long-awaited oil whose confirmed deposits are worth “only” a hundred billion dollars or so paled in significance. Our gold is worth $12 trillion, not Ush12 trillion you man! And it is the government experts talking, not a used car salesman. We were still trying to figure out what $10 trillion in our newfound fortune means in terms of a brand new car for every family, everybody going abroad for medical attention not only a few hundred lucky ones, all Ugandan kids going to school abroad instead of being taught by our hungry teachers always complaining over salaries, planes becoming our new taxis, Europeans coming to work as our shamba boys and housegirls when bang! Another stupendous fortune. This one was not very specific. It is called a variety of rare earth minerals (we thought all minerals are in the earth) and was announced by a minister in parliament. The rare earth minerals are in a region called Busoga, a mere 80 kilometres east of Kampala by road and a few minutes by water over Lake Victoria. To help our unsophisticated minds grasp the magnitude of the new discovery, we were told that the rare earth minerals are worth much, much more than the oil which we have for the past 17 years thought was a big deal. At this rate, is there a better place...

Join Our Cryptocurrency markets have been in the red for the major part of the year, and the recent discovery in Uganda might be the very thing helping the markets make an upwards trace. Buy the Dip via FCA Regulated eToro Now Your capital is at risk. The Workings of Bitcoin and Gold Cryptocurrencies follow various methods to establish a supply, from having limited supply, and unlimited supply to having the supply algorithmically determined. In the case of Bitcoin, it has a supply of 21 Million. Meant to be constant until the end of time. Not all of these 21 Million Bitcoins are in circulation as of yet. Similar to gold, they have to be mined- by network validators in the case of cryptocurrencies. So far there are a little over 19 Million Bitcoins in circulation. The number 21 refers to the “cap”, or rather the upper bound of the number of Bitcoins that can be mined. This makes Bitcoin a non-inflationary asset. Since there will only be a limited amount of Gold too functions the same way. Historically speaking, the production and circulation of gold in the system has been pretty consistent with the requirements to keep a monetary system functional and this is why gold has been regarded as the best store of value for millennia. It’s believed that gold has a limited supply and this is why, with time, will only grow in value. And because of the many similarities in properties, Bitcoin is often referred to as “digital gold”. And expected to replace gold, soon, as believed by ma...

KAMPALA, June 8 (Reuters) - Uganda on Wednesday said recent exploration surveys have shown it has gold ore deposits of about 31 million tonnes and it wants to attract big investors to develop the sector hitherto dominated by small wildcat miners. Over the last two years aerial exploration was done across the country followed by geophysical and geochemical surveys and analyses, Solomon Muyita, spokesperson for the Ministry of Energy and Mineral Development, told Reuters. Muyita said an estimated 320,158 tonnes of refined gold could be extracted from the 31 million tonnes of ore. Most of the deposits were discovered in Karamoja, a parched sprawling area in the country's northeastern corner on the border with Kenya. Large reserves were also found in eastern, central and western areas of the East African country. Muyita said Wagagai, a Chinese company, had set up a mine in Busia in eastern Uganda and was expected to start production this year. Wagagai had invested $200 million, he said, and its mine will have a refining unit. President Yoweri Museveni's government has been seeking to ramp up investment in mining to develop resources like copper, iron ore, gold, cobalt and phosphates. Parliament early this year enacted a new mining law that, once signed by the president, will pave way for the creation of a state mining company. The company will compulsorily acquire a 15% stake in every mining operation and investors will be required to sign a production-sharing agreement with t...

Uganda announced that it had discovered 31 million metric tons of gold waiting to be mined in the country after several surveys were conducted. A spokesperson from the Ministry of Energy and Mineral Development in Uganda, Solomon Muyita, said that these reports are aimed at attracting gold miners and investors in the crypto sector. Mining in Uganda: Ground breaking ceremony of Busia's gold mine project, largest gold deposit so far quantified in Uganda estimated @ 12.5 tonnes of mineable gold, investor Wagagai's initial investment is USD50 million, 3,000 direct jobs. In a bid to boost the country's economy, the Ugandan government has licensed Wagagai gold mining company, a Chinese firm to start producing gold products in Busia district. The company embarked on the construction of its gold refinery valued at USD200m in phases in the district in 2016. Muyita said that the discovered gold could start being mined immediately, reports NASDAQ Refining gold locally could enhance job creation, and improve social service delivery to those living close to where the mineral is extracted. Ugandan President Yoweri Museveni has called for the local refinement of the the commodity, calling any external refinery criminal. "It is criminal for anybody to argue for the continued exports of raw materials in Africa, when there is 90% more value in that product that you are giving to the outsiders" he said. Tan Chun Chi, the general manager of Wagagai gold mining company, says that the investmen...

Uganda Recent exploration surveys in The majority of ore deposits were discovered in the northeastern region of Karamoja, with large reserves having also been found in the eastern, central, and western areas of the country. Currently, the country is seeking to attract international gold mining companies and investors, having already licensed a Chinese mining firm, Wagagai, to start production in the country’s eastern Busia District this year. Guinea Representing the largest maiden resource discovery in West Africa since 2012, Australian-based exploration and development company, Predictive Discovery, has upgraded its inferred reserve estimates for the Siguiri Basin’s Bankan Project in Predictive Discovery’s Bankan Project comprises two major deposits – NE Bankan and Bankan Creek – in a roughly 90:10 split. As of this month, these two resource pools sit at 72.3 million tons grading 1.65 g/t of gold and 7.2 million tons at 1.43 g/t of gold, respectively. Egypt In May 2022, AIM-listed Altus Strategies, announced the discovery of several high-grade gold prospects across all of the company’s current projects in Ghana One of eight high-priority geophysical targets that have been outlined on the Bibiani Shear Corridor, the discovery hold MGRCD21-047 – which was identified by gold production, exploration and development company, Asante Gold, at its South Russel Prospect in Morocco Situated in a mountain pass 80km southeast of the Moroccan city of Marrakech, Canadian precious metal...

Join Our Cryptocurrency markets have been in the red for the major part of the year, and the recent discovery in Uganda might be the very thing helping the markets make an upwards trace. Buy the Dip via FCA Regulated eToro Now Your capital is at risk. The Workings of Bitcoin and Gold Cryptocurrencies follow various methods to establish a supply, from having limited supply, and unlimited supply to having the supply algorithmically determined. In the case of Bitcoin, it has a supply of 21 Million. Meant to be constant until the end of time. Not all of these 21 Million Bitcoins are in circulation as of yet. Similar to gold, they have to be mined- by network validators in the case of cryptocurrencies. So far there are a little over 19 Million Bitcoins in circulation. The number 21 refers to the “cap”, or rather the upper bound of the number of Bitcoins that can be mined. This makes Bitcoin a non-inflationary asset. Since there will only be a limited amount of Gold too functions the same way. Historically speaking, the production and circulation of gold in the system has been pretty consistent with the requirements to keep a monetary system functional and this is why gold has been regarded as the best store of value for millennia. It’s believed that gold has a limited supply and this is why, with time, will only grow in value. And because of the many similarities in properties, Bitcoin is often referred to as “digital gold”. And expected to replace gold, soon, as believed by ma...

Uganda announced that it had discovered 31 million metric tons of gold waiting to be mined in the country after several surveys were conducted. A spokesperson from the Ministry of Energy and Mineral Development in Uganda, Solomon Muyita, said that these reports are aimed at attracting gold miners and investors in the crypto sector. Mining in Uganda: Ground breaking ceremony of Busia's gold mine project, largest gold deposit so far quantified in Uganda estimated @ 12.5 tonnes of mineable gold, investor Wagagai's initial investment is USD50 million, 3,000 direct jobs. In a bid to boost the country's economy, the Ugandan government has licensed Wagagai gold mining company, a Chinese firm to start producing gold products in Busia district. The company embarked on the construction of its gold refinery valued at USD200m in phases in the district in 2016. Muyita said that the discovered gold could start being mined immediately, reports NASDAQ Refining gold locally could enhance job creation, and improve social service delivery to those living close to where the mineral is extracted. Ugandan President Yoweri Museveni has called for the local refinement of the the commodity, calling any external refinery criminal. "It is criminal for anybody to argue for the continued exports of raw materials in Africa, when there is 90% more value in that product that you are giving to the outsiders" he said. Tan Chun Chi, the general manager of Wagagai gold mining company, says that the investmen...

But the waiting is getting rather long and we have now set our sights on other rich endowments nature put in the soil for us. Recently it was announced from the government that we have gold deposits worth over $10 trillion. The long-awaited oil whose confirmed deposits are worth “only” a hundred billion dollars or so paled in significance. Our gold is worth $12 trillion, not Ush12 trillion you man! And it is the government experts talking, not a used car salesman. We were still trying to figure out what $10 trillion in our newfound fortune means in terms of a brand new car for every family, everybody going abroad for medical attention not only a few hundred lucky ones, all Ugandan kids going to school abroad instead of being taught by our hungry teachers always complaining over salaries, planes becoming our new taxis, Europeans coming to work as our shamba boys and housegirls when bang! Another stupendous fortune. This one was not very specific. It is called a variety of rare earth minerals (we thought all minerals are in the earth) and was announced by a minister in parliament. The rare earth minerals are in a region called Busoga, a mere 80 kilometres east of Kampala by road and a few minutes by water over Lake Victoria. To help our unsophisticated minds grasp the magnitude of the new discovery, we were told that the rare earth minerals are worth much, much more than the oil which we have for the past 17 years thought was a big deal. At this rate, is there a better place...

KAMPALA, June 8 (Reuters) - Uganda on Wednesday said recent exploration surveys have shown it has gold ore deposits of about 31 million tonnes and it wants to attract big investors to develop the sector hitherto dominated by small wildcat miners. Over the last two years aerial exploration was done across the country followed by geophysical and geochemical surveys and analyses, Solomon Muyita, spokesperson for the Ministry of Energy and Mineral Development, told Reuters. Muyita said an estimated 320,158 tonnes of refined gold could be extracted from the 31 million tonnes of ore. Most of the deposits were discovered in Karamoja, a parched sprawling area in the country's northeastern corner on the border with Kenya. Large reserves were also found in eastern, central and western areas of the East African country. Muyita said Wagagai, a Chinese company, had set up a mine in Busia in eastern Uganda and was expected to start production this year. Wagagai had invested $200 million, he said, and its mine will have a refining unit. President Yoweri Museveni's government has been seeking to ramp up investment in mining to develop resources like copper, iron ore, gold, cobalt and phosphates. Parliament early this year enacted a new mining law that, once signed by the president, will pave way for the creation of a state mining company. The company will compulsorily acquire a 15% stake in every mining operation and investors will be required to sign a production-sharing agreement with t...

Uganda Recent exploration surveys in The majority of ore deposits were discovered in the northeastern region of Karamoja, with large reserves having also been found in the eastern, central, and western areas of the country. Currently, the country is seeking to attract international gold mining companies and investors, having already licensed a Chinese mining firm, Wagagai, to start production in the country’s eastern Busia District this year. Guinea Representing the largest maiden resource discovery in West Africa since 2012, Australian-based exploration and development company, Predictive Discovery, has upgraded its inferred reserve estimates for the Siguiri Basin’s Bankan Project in Predictive Discovery’s Bankan Project comprises two major deposits – NE Bankan and Bankan Creek – in a roughly 90:10 split. As of this month, these two resource pools sit at 72.3 million tons grading 1.65 g/t of gold and 7.2 million tons at 1.43 g/t of gold, respectively. Egypt In May 2022, AIM-listed Altus Strategies, announced the discovery of several high-grade gold prospects across all of the company’s current projects in Ghana One of eight high-priority geophysical targets that have been outlined on the Bibiani Shear Corridor, the discovery hold MGRCD21-047 – which was identified by gold production, exploration and development company, Asante Gold, at its South Russel Prospect in Morocco Situated in a mountain pass 80km southeast of the Moroccan city of Marrakech, Canadian precious metal...