Uganda Claims Exploration Surveys Discovered 31 Million Metric Tons of Gold – Bitcoin News

While gold is often considered a scarce asset, Uganda explained on Wednesday that recently conducted exploration surveys indicate that there’s roughly 31 million metric tons of gold ore waiting to be mined in the region. Moreover, a spokesperson from Uganda’s Ministry of Energy and Mineral Development said there’s an estimated 320,158 tonnes of refined gold available.

Uganda Claims the Country Has 31 Million Tonnes of Gold Ore — 320,158 Metric Tons of Refined Gold Is up for Prospect

During the last five years, the value of one ounce of fine gold has risen by 48% against the U.S. dollar. An ounce of gold’s spot market value tapped an all-time high this year at $2,060 per unit.

Today, an ounce of gold is $1,840 per unit and the spot market price is up around 0.48% during the past 30 days. Meanwhile, reports from Uganda show the country has discovered quite a bit of gold ore, and is looking to attract miners and investors.

On Wednesday, Solomon Muyita, a spokesperson for the Ministry of Energy and Mineral Development told Reuters that the country has found 31 million tonnes of ore by conducting a number of exploration surveys across the land.

Uganda Claims Exploration Surveys Discovered 31 Million Metric Tons of Gold
Artisanal and small-scale Ugandan mines.

The spokesperson further noted that 320,158 tonnes of refined gold could be mined immediately and a Chinese company called Wagagai Mining is already planning to mine in the area. Wagagai just got its gold production license in March 2022, and it set up a 21-year mining lease with officials from the Busia district in the eastern region of Uganda.

Uganda Claims Exploration Surveys Discovered 31 Million Metric Tons of Gold
Pictures of the first phase of construction on October 6, 2021, according to NTV Uganda video.

Muyita said most of the ore was found in Karamoja, Busia District, alongside central and western areas as well. Wagagai is set up in Mawero Parish, Butebo sub-county, and it is estimated that there’s 12.5 metric tons of mineable refined gold at the location.

China’s Wagagai Mining to Start Production Soon — Surprise Deposits…

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