Sep 25, 2025 (Nile Post/All Africa Global Media via COMTEX) --
Uganda has declared itself open for business in the mineral sector, with the Minister of Energy and Mineral Development, Ruth Nankabirwa, rallying international investors to take advantage of the country's vast untapped wealth.
Speaking at the 14th Annual Mineral Wealth Conference in Kampala, held under the theme, "Sustainable Mineral Development through Collaboration, Innovation & Green Transitions," Nankabirwa described Uganda as Africa's next mineral frontier.
"Uganda is blessed with gold, copper, iron ore, lithium, cobalt, graphite, rare earths, and a dynamic youthful population. With abundant energy and fertile land, we are positioned to grow our economy tenfold by 2040 through industrialisation, value addition, and strategic partnerships," she told delegates.
According to the Ministry of Energy and Mineral Development, Uganda hosts more than 50 mineral types, with gold reserves estimated at 31 million tonnes, iron ore at 560 million tonnes, and copper at 7.8 million tonnes.
The country also has more than 5.5 million tonnes of cobalt and one of East Africa's largest deposits of graphite.
"This is a moment for Uganda to demonstrate that minerals can transform lives, not just through exports, but through industries that add value here at home," Nankabirwa said.
She pointed to a sector in transformation, with the Uganda National Mining Company now fully operational, Kilembe Mines revived under a Production Sharing Agreement, and steel and cement plants already commissioned to meet rising demand in construction.
The Wagagai Gold Project in Busia has attracted more than USD 300 million (Shs 1.14 trillion) in foreign direct investment and has begun producing 99.9% refined gold.
At the same time, Uganda is advancing in tin smelting and rolling out formalisation measures for artisanal and small-scale miners.
New airborne geophysical surveys in Karamoja have also revealed promising deposits of lithium, tungsten, and silica sand.
Nankabirwa emphasised that the country's mineral wealth must not be exported raw.
"Mineral wealth is a theme that comes from value addition," she explained.
"We should listen to President Museveni's call of adding value before exportation. That is how we will create jobs, industries, and sustainable wealth."
The message resonated with delegates from Tanzania, China, the United Kingdom, and several other countries.
Gerald Banagabingi, chief executive of the Uganda National Mining Company, assured investors that government policy is focused on ensuring stability and opportunities for foreign partners.
"Uganda is open for business; anybody ready to invest in the sector is welcome," he said.
Permanent Secretary in the Ministry of Energy and Mineral Development, Irene Bateebe, noted that Uganda is already witnessing growth in foreign investment in mining.
"We are happy to report that we continue to see improvement in our FDIs, especially with the contribution from the Wagagai Gold Mine of about USD 300 million (Shs 1.14 trillion) directly into the industry," she told participants.
"We envisage that this will grow significantly as we unlock additional value."
Bateebe added that while the industry is still dominated by artisanal and small-scale mining, the country is gradually transitioning to larger-scale operations.
"Our hope is that many of these small players will grow into medium and large-scale enterprises, supported by partnerships with international investors," she explained.
The statistics highlight just how important minerals have become to Uganda's economy. In 2023, gold alone earned Uganda $3.8 billion (Shs14.4 trillion) in exports, overtaking coffee, which brought in $1.38 billion (Shs5.2 trillion).
Yet the sector currently contributes just 1 percent to Gross Domestic Product.
"We have set a target under our National Development Plan IV to increase this to 10 percent," Bateebe noted.
"The task requires collaboration, innovation, and investment, which is exactly why we are gathered here."
For Uganda, the message at this year's Mineral Wealth Conference was clear. With confirmed deposits worth billions of dollars, ongoing reforms, rising foreign direct investments, and a strong commitment to value addition and green transitions, the country is making a compelling case as the next destination for global investors.
"Our mineral sector is no longer a sleeping giant, it is awake," Nankabirwa concluded, "and it is the next frontier for international investment."
COMTEX_469032069/2029/2025-09-25T03:04:58
by Pedson Mumbere
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