Invest in Uganda Gold in Karamoja, Kigezi, Busia, Mubende and Buhweju

Gold production in Uganda has radically increased in the recent past. Today gold sales contribute about 30% of Uganda’s export revenue. With gold deposits spread across the country, Uganda offers companies a great opportunity to invest in gold mining.




Uganda’s Gold Mining Regions

So far, exploitation of gold in the country has been concentrated in a few areas such as Karamoja, Kigezi, Busia, Mubende and Buhweju. Most of the gold mined in the past was on a small-scale in the Buhweju basin. However, there has been an increase in the number of big multinational businesses coming in during the past few years. This shows the growing industry and bright future that Uganda has for mining.

Emmanuel Kibirige, the chairman of Ssingo artisanal and small-scale miners’ association network, can barely answer a reporter’s questions as he is deluged by phone calls – people searching for work, gold buyers inquiring whether he has anything to sell.

“Where I am here, if I was given a job of Shs 5m Uganda shillings ($1392 USD) per month I would not take [it],” he murmurs. “I sell an average of 180 grammes of gold per month and each [gramme] at Shs 100,000. Uganda shillings”

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At this stage, a female gold buyer, in her early twenties, approaches him and asks whether he has ‘anything’.

“How much are you offering?” Kibirige asks.

“Shs 95,000,” she replies.

“I can only take Shs 100,000 Uganda shillings [per gramme],” he says.

Without much haggling, she accepts to pay and walks away – he will call her when the gold is ready.

“She is a representative of a gold dealer,” he tells me. “They are many around here – young boys and girls – representing gold dealers. After buying, it will be taken to Kampala and sold to exporters, mainly Indians.”

Kitumbi is one of the areas where the glittering commodity starts its long journey to Kampala and consequently exported to other parts of the world, including China, India, and United Arab Emirates (UAE). Other places where gold is mined in Uganda include Karamoja in north eastern Uganda, Buhweju and Ibanda in the west, and Mayuge and Namutumba in eastern Uganda and Mubende in the central region.

Even after being mined, much of the gold remains “underground.” When artisanal miners wash and sell the precious metal, Uganda’s taxman may never touch it at all.

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