Minister Lokeris launching operations at the mines.
Mining operations at Busia gold mine, with reserves estimated at 12.5 million ounces of mineable gold, have been commenced.
The Busia gold mine is estimated to have an equivalent of 16 billion dollars in gold reserves, matching Uganda’s oil discoveries in the Lake Albert Basin.
State Minister for Mineral Development, Peter Lokeris, launched the mine on October 5, 2021 in the eastern Uganda district of Busia.
Operated by Wagagai Mining, the Busia gold mine will be producing approximately 1000 kilogrammes of gold annually, offering 3000 job direct and indirect jobs, with a projected tax base of about 30 billion shillings.
The UIA-licensed company, with planned investment of 50 million dollars, has benefited from available incentives Government has to promote investment. These include zero tax import rates on mining equipment, competitive labor, good governance and guaranteed security.
Wagagai Mining provides an opportunity to eliminate challenges that have hindered the gold mining industry in the past, like export of gold in raw form, export of illegal gold, loss of tax revenues due to tax evasion, and use of child labor, amongst others.