By Diana Kintu.
Uganda has reached a significant milestone in its economic development with the launch of Euro Gold Refinery Uganda Limited, the country’s first fully Ugandan-owned gold processing plant.
The ceremony, presided over by Energy Minister Ruth Nankabirwa, this refinery represents a crucial move in President Museveni’s vision to ban raw mineral exports and promote local value addition.
As Uganda’s third gold refinery, it will create jobs, increase government revenue, and formalise the gold trade. The timing couldn’t be better – recent reports show gold exports grew by 6.7% this year, reaching Sh.80 trillion in May alone. With an estimated 31.5 million tonnes of gold ore beneath our soil (and likely more undiscovered), this refinery ensures Ugandans will finally benefit fully from their natural resources.
The government is working to address infrastructure challenges to support this growing industry, including reducing industrial electricity costs to just 5 US cents per kilowatt-hour and improving roads in mining regions.
Euro Gold’s Executive Director, Bernard Feni, emphasised that this is more than just business; it’s a movement showcasing Ugandan capability. Their state-of-the-art Italian equipment meets strict international environmental standards, producing no chemical waste while matching refineries in the UK or US.
The company has already acquired 80 square kilometres in Yumbe District, with plans to expand to Abim, and will soon begin producing jewellery like wedding rings from purely Ugandan gold with a Sh.178 billion investment and three new branches planned, Euro Gold expects to create hundreds of jobs at all skill levels.
In another major development, Minister Nankabirwa announced that the Bank of Uganda will soon start buying gold directly from miners to build national reserves, following the model of wealthy nations.
“We’re consulting the cabinet, but soon Uganda will have its own gold reserves,” she explained.
State Minister for Minerals Phiona Nyamutoro called this project a realisation of Museveni’s vision, predicting mining will become Uganda’s economic backbone within 5–10 years. However, officials warned that integrity issues in the sector must be addressed, as past misconduct has scared away potential investors.
From discovering gold while digging graves to now refining it locally, Uganda’s journey reflects Minister Nankabirwa’s humorous yet profound observation
“This is the Pearl of Africa, where even lightning striking a mountain can reveal gold.”
With local refining capacity, planned jewellery production, and national gold reserves, Uganda is transforming its mineral wealth into real prosperity for its people.
As Euro Gold begins operations, it represents not just industrial progress, but a new era of Ugandan ownership and pride in the country’s abundant resources. The message is clear – the future of Uganda’s gold industry will be written by Ugandans, for Ugandans.