Silver Rises Over 120% YTD 
Uganda has launched its first large-scale gold mine, the $250 million Chinese-owned Wagagai Gold Mining Project in Busia District, marking a significant shift in the country’s mining strategy.
The facility will process 5,000 tons of ore daily and produce approximately 1.2 metric tons of refined gold annually at 99.9% purity. President Museveni emphasized this represents a move away from exporting unprocessed minerals, which has historically denied Uganda significant revenue.
The project is expected to generate over $100 million annually for the next 21 years and create more than 3,000 direct jobs. Uganda earned $3.4 billion from gold exports in 2023 (37% of total export revenue), though most came from re-exports. The new revenues will fund infrastructure including power stations and a $3.16 billion railway project.
