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This has been revealed by energy minister, Ruth Nankabirwa, while addressing journalists on Tuesday at the Uganda Media Centre in Kampala.
She said once set up, the company will manage Government’s interests in commercial strategic minerals.
Nankabirwa said it will also state equity participation in medium and large-scale mining of up to 15% participatory equity interest.
Several African countries have established state-owned mining companies including Botswana, Namibia, Cameroon, Morocco, Tanzania, and Zambia.
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In a related development, the Ministry of Energy and Mineral Development has revealed that they have identified new gold targets across the country.
Addressing journalists, Nankabirwa revealed that more gold deposits have been identified in parts of Buhweju, Mubende, Namayingo, Karamoja, and Zombo districts.
She added that in December 2023, Wagagai Mining Limited, a large-scale gold project, will be commissioned.
The company has about 30 million tonnes of gold ore in a greenstone belt in Busia district.
Nankabirwa encouraged those opting to invest in the sector to acquire mining licences in line with the new Mining and Mineral Act 2020 via their online portal. The minister vowed to cancel non-performing mining licences.
Uganda boasts of quite a number of mineral resources including gold, oil in western Uganda, Iron ore and coal among others.
The minister said the mining company will play a key role is ensuring that Government interests in the mining sector are well taken care of.