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Uganda officially unveiled its third licensed gold refinery in another major step in the nation's ambitious drive towards mineral beneficiation and industrialisation.
Euro Gold Refinery (U) SMC Ltd, located in Kamwokya, was formally opened by the Minister of Energy and Mineral Development, Hon. Ruth Nankabirwa, alongside the Minister of State for Mineral Development, Hon. Phiona Nyamutoro.
The new facility received its refinery licence in June 2024 after fulfilling all statutory requirements.
It is set to strengthen Uganda's minerals sector through enhanced value addition, job creation, formalised trade, and increased revenue.
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Euro Gold Refinery (U) SMC Ltd launch
Mining Sector Poised to Become Uganda's Financial Backbone
Minister of State for Mineral Development, Hon. Phiona Nyamutoro, expressed optimism about the future of Uganda's mining sector, boldly declaring it the country's upcoming "cash cow."
She projected that within the next five to ten years, the mining industry would be “in a position to finance Uganda's national budget, a testament to its immense untapped potential.”
"This new factory is just the beginning. We hope to see you grow and open new branches, and see to it that the gold business becomes accepted in the Ugandan community just like agriculture," Minister Nyamutoro stated.
Meanwhile, Hon Ruth Nakabirwa said the new refinery was in line with President Museveni's consistent emphasis on value addition across all sectors, reinforced by his announced ban on unprocessed minerals.
Minister Ruth Nankabirwa speaking at the Euro Gold Refinery (U) SMC Ltd launch
Formalising Trade and Empowering Artisanal Miners
Bernard Feni, the Director of Euro Gold, revealed the company's strategic focus on sourcing raw materials, noting their concession covering 79 square kilometres in Yumbe district in Northern Uganda, with plans to target new sources in Abim and Karamoja districts.
Feni articulated the refinery's commitment to ensuring the industry becomes "comfortable, soft, clean and effective as it is in any other business," aiming to professionalise the gold trade.
The launch was also welcomed by artisanal miners, who stand to benefit significantly from the new facility.
Joseph Mwebesa, an artisanal miner, expressed relief that the refinery would provide them with access to a local market "devoid of scams," offering greater traceability and security for their gold. This development is expected to minimise exploitation and ensure fair prices for miners, thereby fostering a more transparent and equitable gold supply chain within Uganda.
The Ministry of Energy and Mineral Development has pledged all necessary support to ensure broader citizen involvement in mineral beneficiation, further solidifying the sector's potential as a key driver of national economic growth.