Inside Uganda's expanding gold sector and the players behind it

Uganda’s gold industry is expanding at an unprecedented pace, driven by rising global demand, stronger regulation, and a growing group of local and international players reshaping the sector.

According to the Bank of Uganda, gold export earnings reached a record US$5.8 billion (about Shs21.1 trillion) in the year ending November 2025.

This surge has firmly placed gold at the centre of Uganda’s mineral economy.

The growth represents a shift away from raw mineral exports towards refining, value addition, and direct participation in global bullion markets.

Uganda also holds large deposits of coltan, copper, silver, diamonds, limestone, uranium, and marble, spread across mineral belts in Busia, Buhweju, Mubende, Kassanda, Karamoja, and West Nile.

Together, these resources are repositioning the country within Africa’s mineral value chain.

At the forefront of this transformation is Benard Feni, founder and chief executive of Eurogold Refinery Uganda, the first wholly Ugandan-owned gold refinery.

Based initially in Uganda and now operating from Dubai, the world’s leading gold trading hub, Eurogold refines gold to 99.9 per cent purity for international markets.

The refinery was commissioned with government backing to curb illegal exports and promote local value addition.

Under Benard Feni’s leadership, the refinery has refined Ugandan gold to 99.9 per cent purity, meeting international bullion standards required for export to global markets.

Dubai’s prominence in the gold trade handling hundreds of billions of dollars annually gives Eurogold direct access to international buyers, refiners, and bullion markets.

Beyond Eurogold, Benard Feni’s wider business portfolio includes Aureum Minerals & Resource International, Zoe Finance, and the Mungu Feni Foundation, which focuses on community development, youth empowerment, and economic inclusion.

His model combines commercial scale, ethical sourcing, and social impact, setting him apart in a sector historically dominated by intermediaries.

As Uganda’s gold exports surge, Benard Feni is increasingly regarded as one of the country’s most influential gold exporters, bridging artisanal mining communities and international markets while reinforcing Uganda’s reputation as a credible gold trading hub.

Other key players include David Ushindi, who leads Kibali Gold Mining Company with operations across Uganda and the Democratic Republic of Congo, and Nari Patel, head of East Coast Minerals Uganda Ltd, which focuses on traceable and compliant mineral supply chains.

Industry coordination and policy engagement have been strengthened by Allan Agumya, Managing Director of Rusla Mining & Minerals Ltd and Chairman of the Miners’ Forum Uganda. His work has helped professionalise the sector and promote responsible mining.

At the operational level, Sam Akatuhumuza of Gold Mine Ltd has focused on compliance and production quality, while artisanal miners remain critical to supply. In Karamoja, John Bosco Mugarura, known as Poshu Poshu, runs an ore-crushing mill in Moroto, enabling community-level value addition.

In Kassanda North, Moses Masagazi and Gertrude Njuba operate AUC Mining Uganda Limited, contributing significantly to employment and output despite earlier disputes with artisanal miners.

Uganda’s export boom comes amid historic global demand for gold, driven by geopolitical tensions, inflation, and strong central bank purchases. Prices entered 2026 at record highs, reinforcing gold’s role as a safe-haven asset.

Foreign-linked investment is also growing. Michael Robinson, president and chief executive of Simba Gold Refinery Limited, has overseen increased refining and exports since late 2024.

With improving compliance, rising output, and deeper integration into global markets, Uganda is increasingly well placed to benefit from sustained international demand and to cement its status as one of Africa’s fastest-growing gold exporters