In a step towards transforming its mineral wealth into national prosperity, Uganda has officially unveiled its third licensed gold refinery. The new facility, Euro Gold Refinery (U) SMC Ltd, located in Kamwokya, was formally opened by a distinguished delegation including Minister of Energy and Mineral Development, Hon. Ruth Nankabirwa, and Minister of State for Mineral Development, Hon. Phiona Nyamutoro. Having received its refinery licence in "June 2024" after fulfilling all statutory requirements, the facility is set to "strengthen Uganda's minerals sector through enhanced value addition, job creation, formalised trade, and increased revenue."
The launch was marked by a bold declaration of confidence in the future of Uganda’s mining sector. Minister of State for Mineral Development, Hon. Phiona Nyamutoro, expressed her optimism by declaring it the country's upcoming "cash cow." She made a striking projection that "within the next five to ten years, the mining industry would be 'in a position to finance Uganda's national budget, a testament to its immense untapped potential.'" Nyamutoro's vision extends beyond mere revenue, as she stated, "This new factory is just the beginning. We hope to see you grow and open new branches, and see to it that the gold business becomes accepted in the Ugandan community just like agriculture." This sentiment was reinforced by Hon. Ruth Nankabirwa, who highlighted that the new refinery aligns with "President Museveni's consistent emphasis on value addition across all sectors, reinforced by his announced ban on unprocessed minerals."
Euro Gold's commitment extends to professionalising and formalising the industry from the ground up. Bernard Feni, the Director of Euro Gold, outlined the company's strategic focus on sourcing raw materials, noting their concession covering "79 square kilometres in Yumbe district in Northern Uganda," with plans to "target new sources in Abim and Karamoja districts." He articulated the refinery's mission to ensure the industry becomes "comfortable, soft, clean and effective as it is in any other business," aiming to transform the gold trade into a transparent and professional sector.
This development was particularly welcomed by the nation's artisanal miners, who stand to benefit significantly. Joseph Mwebesa, an artisanal miner, expressed his relief that the refinery would provide them with a local market "devoid of scams," promising "greater traceability and security for their gold." This new framework is expected to "minimise exploitation and ensure fair prices for miners," thereby fostering a more "transparent and equitable gold supply chain within Uganda."
