Uganda discovers the largest gold deposit on the planet

Uganda discovers the largest gold deposit on the planet

Uganda has announced the discovery of a gold quarry containing 31 million tons, making it the largest gold deposit on the entire planet. The goal now is to attract investors to work massively and be able to replace illegal mining.

After two years of geophysical and geochemical investigations in the area, gold was found. The site is located in Karamoja, in the northeast of the country, near the border with Kenya. It has now been reported that the Chinese company Wajaji has already begun mining work in the east and central African country, so exploitation of this settlement is expected to begin soon.

The Minister of Raw Materials and Energy Development, Salomon Muyita, announced the discovery of gold, and President Yoweri Museveni has paid attention to mining activity to boost the country's economy. For this reason, any private company wanting to work with Ugandan gold would have to accept a contract in which it would participate in 15 percent of the operations and share production with the state.

Uganda's initial goal is to extract five thousand kilograms of gold per day, that is, 1,825 tons per year, which, according to the media outlet Radio Bicentenario, is equivalent to half of the world's production in 2021. Another impressive fact is that in total history there is a record of extracting 205 thousand tons for 320,000 tons of pure gold estimated to be extracted in Uganda, valued at $12.8 trillion.

President Yoweri also said it is criminal for Uganda to continue exporting raw materials to other countries, which keep 90 percent of the profits, which is why he seeks to refine gold locally. In addition, other media outlets, such as TFIGlobal, indicated that the local Victoria Gold Star Limited refinery was built thanks to Russian support ten years ago, and that this new discovery would mean the Russians participating in exploiting this large reserve. Which would stand strong in the face of the attack of the West and the United States.

There are still some doubts about the calculations arrived at by geological studies and investigations, but if they are correct, Ugandan mineral development expert Winnie Ngabirwe said:

It is time for Uganda to put its house in order. “We will do business, grow our country and our people, and move to middle-income status and beyond,” she says.

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