Uganda Launches First Fully Ugandan-Owned Gold Refinery – Euro Gold Refinery Uganda
- Afri Careers
- Jul 31
- 2 min read
Uganda has recorded a milestone in its mining sector with the opening of Euro Gold Refinery Uganda Limited, the first Ugandan-owned gold refinery in the country. The actual commissioning of this plant has boosted the agenda for value addition in minerals in the country and put Uganda on the map as an emerging player in world gold trade.
The launch ceremony, which was held in Kampala, was led by the Minister of Energy and Mineral Development, Hon. Ruth Nankabirwa, who called the event a "landmark moment in Uganda's industrialization journey."
"This is definitely a big milestone," she continued. "Gold is one of Uganda's most commercially bankable minerals. Processing it here, we are enabling job creation, revenue increase, and formalizing the gold trade."
Euro Gold Refinery Uganda Limited is the third gold refinery in the country, but the first to be 100% Ugandan-owned. The move aligns with President Yoweri Museveni’s directive to ban the export of unprocessed minerals and focus on value addition.
According to recent figures from the Ministry of Finance, Uganda's gold exports increased from $462.86 million in April to $485.83 million in May, an increase of 5% from the previous month. Year-on-year figures record a 6.7% increase compared to last year during the same time period.
Nankabirwa unveiled that Uganda sits on 31.5 million tonnes of estimated gold ore beneath its ground, and much more remains undiscovered.
Even lightning that strikes a mountain can surface gold. That is the Pearl of Africa," she said.
Uganda is to begin purchasing gold through the Bank of Uganda to build national gold reserves.
"We wish to believe Uganda will one day have gold reserves like wealthy income nations," Nankabirwa remarked. "The Bank of Uganda will purchase from local miners and store the gold for sale when needed."
She conceded there were infrastructural challenges in the areas of mining, including poor roads and unstable electricity. But she assured stakeholders that: "Power supply is improving. We've reduced industrial power tariffs and are changing poles, transformers, and lines."
Euro Gold Refinery's Executive Director, Benard Feni, pointed out that the refinery is not merely a company—it's a movement.
The refinery was constructed with environment-friendly technology from Italy, with zero chemical waste and complete London Bullion Market Association (LBMA) compliance.
Feni also announced far-reaching expansion plans:
* Investment of $50 million (UGX 178 billion)
* Purchase of 80 square kilometers of land in Yumbe District
* Future mineral sites in Abim District
* Emphasis on local manufacture of gold jewelry, such as wedding rings and ornaments
Our Ugandan gold refinery will shortly produce 99.90% pure gold. We're working in collaboration with UAE and UK partners."
Phiona Nyamutoro, Minister of State for Minerals, praised the venture as a perfect mirror of President Museveni's vision for a self-sustaining and productive Ugandan economy.
"This is what the President means when he talks of self-reliance," she said. "The mining sector will be Uganda's cash cow in 5 to 10 years."
Nankabirwa urged miners and investors to do business with honesty and transparency, noting that corruption and fraudulence have previously scared off serious investors.
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