Euro Gold to buy, refine gold from Mubende miners under new deal

The gold sector in Uganda this week saw another stride towards formalisation and value addition following a major agreement between Euro Gold and the Mubende United Artisanal Miners (MUAM). 

The partnership, sealed via a Memorandum of Understanding (MoU) on 3rd November 2025 at Euro Gold’s head office in Kampala, is being hailed as important for creating a more inclusive, transparent, and sustainable gold industry in the nation.

Under the terms of the MoU, Euro Gold will commence purchasing gold directly from artisanal miners in the Mubende region. 

The direct link, officials said, is intended to cut out intermediaries and guarantee fair value for the local miners, thereby enhancing community livelihoods. 

The purchased raw gold will then undergo advanced processing and be refined by Eurogold to 99.9 per cent purity (24-carat), ensuring the finished product meets the highest international standards required for global trade. 

Representatives from both parties reaffirmed their commitment at the signing ceremony, stating that the collaboration would focus on empowering local miners and promoting ethical sourcing.

Gold remains one of Uganda’s most vital export commodities, contributing substantially to foreign exchange earnings and employment. 

The initiative is hoped to support sustained economic growth, enhance foreign exchange stability, and strengthen Uganda’s position as a serious player in the international gold market. 

This development is consistent with a broader national programme to streamline the artisanal and small-scale mining sector. 

Just last month, another milestone was recorded in Abim District when the Minister of Energy and Mineral Development, Ruth Nankabirwa, officially handed a mining licence to the Kakoka Artisanal Miners Association on behalf of the Euro Gold Refinery (EGR). EGR, which is Uganda’s first fully Ugandan-owned gold refinery, is already sourcing materials from regions like Karamoja and Abim. 

The government’s drive to formalise these miners, help them register, and ensure their gold meets London Bullion Market Association (LBMA) standards is curbing illegal mining and boosting transparency. The new partnership in Mubende signifies the continued expansion of this model, cementing a new era for Uganda's gold trade.