Uganda discovers gold deposits worth 12 trillion USD

[KingKhanWC]

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/africa/uganda-discovers-gold-deposits-worth-12-trillion-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.

 

[sweep_shot]

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.

 

[SalimBhai]

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

 

[KingKhanWC]

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

 

[Bewal Express]

Swiss banks must be heaven tonight

 

[sweep_shot]

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).

 

[ElRaja]

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.

 

[KingKhanWC]

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.

 

[daytrader]

At least 25 people have been killed at a school in western Uganda by rebels linked to the Islamic State group.

A further eight people remain in a critical condition after the attack on Lhubirira secondary school in Mpondwe.

Police say the attack on Friday was carried out by the Allied Democratic Forces (ADF) - a Ugandan group based in the Democratic Republic of Congo.

Soldiers are pursuing the group who fled towards Virunga National park in the DRC, police added.

BBC

 

[gani999]

Good for Uganda. Hope the Ugandan people benefit from this.

But wait, it is being mined and processed by a Chinese company. So China just got richer by 12 trillion USD.

 

[Kianig89]

So we cannot say now Pakistan has become Uganda ��

 

[Champ_Pal]

Good for Uganda. Hope the Ugandan people benefit from this.

But wait, it is being mined and processed by a Chinese company. So China just got richer by 12 trillion USD.

A lot of Sub Saharan African countries have taken billions of dollars as loans from China. Of course China will mine the Gold throwing peanuts at Ugandan government.

The question should be, does Uganda have the know how to extract Gold from the mine? I doubt it. They need a foreign power to do the job for them.

 

[Cpt. Rishwat]

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

Lol. Soken like a true Taliban.

 

[SalimBhai]

Lol. Soken like a true Taliban.

What are you on about. There is no need for a comment when one has nothing really to say.

 

[Hitman]

At least 25 people have been killed at a school in western Uganda by rebels linked to the Islamic State group.

A further eight people remain in a critical condition after the attack on Lhubirira secondary school in Mpondwe.

Police say the attack on Friday was carried out by the Allied Democratic Forces (ADF) - a Ugandan group based in the Democratic Republic of Congo.

Soldiers are pursuing the group who fled towards Virunga National park in the DRC, police added.

BBC

Animals remain animals.

 

[shortbread]

Problem with many discovery valuations is the overestimation inorder to attract eyeballs and investments. People in the business know this. On top of this there are many other parameters that decide if it's viable or not, eg. cost of extraction. This is very common in the oil exploration and extraction business. Way too many middle men who murky the waters hence making it difficult to know the truth.

 

[Cpt. Rishwat]

What are you on about. There is no need for a comment when one has nothing really to say.

You said it was time for a regime change. The only people I think of who talk in those terms are the Americans or the Taliban. If you don't want those sort of replies then think carefully before posting.

 

[Romali_rotti]

Good for Uganda. Hope the Ugandan people benefit from this.

But wait, it is being mined and processed by a Chinese company. So China just got richer by 12 trillion USD.

Oh don't worry about that, Chinese will have their legs in quick sand in no time.

Americans will fund islamic terrorism or other anti Chinese activities in Uganda to make sure the Chinese are disrupted in the quest for gold..

 

[SalimBhai]

You said it was time for a regime change. The only people I think of who talk in those terms are the Americans or the Taliban. If you don't want those sort of replies then think carefully before posting.

Sarcasm goes above your head. So in plain English. Anytime there is discovery of resources, america develops a policy of regime change for that particular nation. .

 

[Cpt. Rishwat]

Sarcasm goes above your head. So in plain English. Anytime there is discovery of resources, america develops a policy of regime change for that particular nation. .

I think sarcasm goes above your head to be honest, or maybe it just bites you in the nether regions. How do you feel about having Iran/China/Afghanistan on one side of India, then Bangladesh, Arab countries, Pakistan etc on several other fronts? I'm talking purely cultural terms here, just observing as a British outsider who has vague ancestral links to the SUBcontinent.