Uganda discovers gold deposits worth 12 trillion USD


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  1. #1
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    Uganda discovers gold deposits worth 12 trillion USD

    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

    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.

    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 investment has reached US $60 million.
    https://www.tbsnews.net/worldbiz/afr...ion-usd-452806

    IF true, this is a huge discovery.

    Im not sure if Uganda will gain even $1 trillion, surely the Chinese mining company will have some contracts where they gain the most.

    Or

    The Americans may want to spread democracy to Uganda now, with Boris right behind them.


    Lions don't lose sleep over the opinions of Sheep

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    Quote Originally Posted by KingKhanWC View Post
    The Americans may want to spread democracy to Uganda now, with Boris right behind them.
    LOL. I was thinking the same.

    Good for Uganda. I hope they will be benefited from it.


    Bangladeshi Guy

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    I don't think this is true , if it is. I thin time for a regime change,

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    Quote Originally Posted by sweep_shot View Post
    LOL. I was thinking the same.

    Good for Uganda. I hope they will be benefited from it.
    Uganda has an interesting history. At one point people of Indian origin held 90% of the wealth! Idi Amin became angry, kicked them all out. Of course unfairly.

    In the last 20 years , there have been a lot of small gold mining inc individuals digging for the honey nectar. It was always known Uganda has large deposits, so while Yanks were bombing nations, China was investing in such projects. If it wasnt a Chinese company in charge, Biden would have launched some sort of attack ,blaming Ugandans for being extremists in taking all the gold .lol


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    Swiss banks must be heaven tonight

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    Quote Originally Posted by KingKhanWC View Post
    Uganda has an interesting history. At one point people of Indian origin held 90% of the wealth! Idi Amin became angry, kicked them all out. Of course unfairly.

    In the last 20 years , there have been a lot of small gold mining inc individuals digging for the honey nectar. It was always known Uganda has large deposits, so while Yanks were bombing nations, China was investing in such projects. If it wasnt a Chinese company in charge, Biden would have launched some sort of attack ,blaming Ugandans for being extremists in taking all the gold .lol
    I see.

    China has done many projects in Africa (multiple countries).


    Bangladeshi Guy

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    how difficult is it to mine, what's the expected life of the mining operation, what ratio of profits does the mining company take, and has any independent company audited the claims?

    the total amount of global ever mined is estimated to be 190,000 tonnes, so supposedly uganda is sitting on 1.5x the amount of gold ever mined. even if that was true, what would it do the value of gold.

    headline figures like these pop up out of poor countries all the time, mostly to distract people and give them hope. to get rich as a society you have to add value, not just pull stuff out the ground for other to add value to.

  8. #8
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    Quote Originally Posted by ElRaja View Post
    how difficult is it to mine, what's the expected life of the mining operation, what ratio of profits does the mining company take, and has any independent company audited the claims?

    the total amount of global ever mined is estimated to be 190,000 tonnes, so supposedly uganda is sitting on 1.5x the amount of gold ever mined. even if that was true, what would it do the value of gold.

    headline figures like these pop up out of poor countries all the time, mostly to distract people and give them hope. to get rich as a society you have to add value, not just pull stuff out the ground for other to add value to.
    Russia is heavily involved so it could be a spanner to throw against certain economic issues or forecasts of Russia economy but very well could be true. Russia has bee exploring Gold in Uganda for over a decade along with other minerals or resources such as hydrocarbon. Along with the Chinese , Russia and the world knows Uganda has huge amounts of Gold reserves, whether its 12 trillion is up for debate.

    Africa has the most natural resources, this is no secret. While America and Europe use force and dictators to conquer, Russia and China are using investment to gain trust. According to their spokesman 320,158 tonnes could be mined immediately. With paper money becoming useless as the years pass, many have been looking for gold deposits, Russia themselves mentioned last year they have found new ones, also the likes of China, US, Canada and Congo confirmed to find deposits. Im sure there is a lot of Gold to be unearthed and it seems Gold will back future currencies.


    Lions don't lose sleep over the opinions of Sheep

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