Gold mining target from July 2023.
A mining license has been issued to a Chinese firm in Uganda’s 31 million tonnes of gold reserves. The President said that 3.2 lakh tonnes of gold would be extracted from this mine. Its value is about 12 trillion dollars.
African country Uganda said that it has imported 31 million metric tons in its country. gold reserves ,Gold reserves in Uganda) is searched. Mining will be done in the coming days. The Ugandan Ministry of Energy and Mineral Development issued a statement saying that gold mining and crypto investors are welcome. According to The Citizen’s report, President Museveni said in his address to the nation that the country’s economy will change once gold mining starts. Without giving much information, he said that this will benefit the country’s economy by $ 12 trillion. India’s economy is about 3 trillion dollars, against which it is four times.
In order to strengthen the economy of the country, the government there established the Vagagai Gold Mining Company.Wagagai gold mining company) has been issued a license. This is a Chinese company that will work to extract gold in Busia Gold Mines of Uganda. According to the report of the line ministry there, the gold mine reserve is 31 million tonnes. With this, 3.2 lakh tonnes of gold can be extracted, whose value is more than US $ 12 trillion according to the current rate.
Chinese company got mining contract
Ugandan President Yoweri Museveni said that with the start of gold mining at the local level, new employment opportunities will be created. After mining, he has emphasized on refining it at the local level. They have been opposed to sending any raw material abroad. Initially, this Chinese company has invested $ 50 million to prepare the infrastructure related to mining. This will create 3000 direct jobs.
3000 tonnes of gold mining target every year
Tan-Chun-Chee, general manager of Wagagai Gold Mining Company, said that there are still two mining licenses pending, due to which mining work is getting delayed. In March 2021, the company was issued a license related to gold production. The company has got a lease of 21 years. It is believed that gold mining will start from this mine from July 2023. The Chinese firm has decided to spend $200 million to build refining infrastructure. The company plans to mine 2500-3000 metric tons of gold every year.
How big is the gold reserve in the world?
In the report published in Uganda’s leading news paper Daily Monitor, it has been written quoting the US Geological Survey that till date 2 lakh 68 thousand 400 tonnes of gold have been discovered all over the world. So far 1.87 lakh tonnes of gold has been extracted. 57 thousand metric tonnes of gold is yet to be excavated. According to the data being presented regarding gold reserves in Uganda, Uganda alone has 115.5 times more gold than the global gold discovery.