Uganda’s government announced a major gold ore discovery, claiming over 31 million metric tonnes had been identified across various regions, particularly in Karamoja in northeastern Uganda.
Out of this, officials estimated over 320,000 tonnes of refined gold could be extracted—an extremely large figure by global standards.
For context:
The entire world’s gold reserves (as per USGS 2022) are estimated at approximately 50,000 tonnes.
This means Uganda's claimed refined yield is 6x more than all known global reserves combined—raising skepticism among experts.
The $12 trillion valuation appears based on current global gold prices (~$1,800–$2,000 per ounce), but converting ore to refined gold is an expensive, technically complex process that could yield much less than projected.
No independent verification has confirmed the estimated refined gold quantity yet.
Still, the Ugandan government hopes this could:
- Attract foreign direct investment
- Boost export earnings
- Accelerate infrastructure and economic development
President Yoweri Museveni expressed intentions to refine the gold locally, rather than exporting raw ore, to maximize national profit.
Caveats:
The figures are government-released, not yet independently verified.
Such large resource announcements often face economic, environmental, and logistical challenges.
Extraction and refining would require years of investment, stable governance, and environmental compliance.
Uganda’s government announced a major gold ore discovery, claiming over 31 million metric tonnes had been identified across various regions, particularly in Karamoja in northeastern Uganda.
Out of this, officials estimated over 320,000 tonnes of refined gold could be extracted—an extremely large figure by global standards.
For context:
The entire world’s gold reserves (as per USGS 2022) are estimated at approximately 50,000 tonnes.
This means Uganda's claimed refined yield is 6x more than all known global reserves combined—raising skepticism among experts.
The $12 trillion valuation appears based on current global gold prices (~$1,800–$2,000 per ounce), but converting ore to refined gold is an expensive, technically complex process that could yield much less than projected.
No independent verification has confirmed the estimated refined gold quantity yet.
Still, the Ugandan government hopes this could:
- Attract foreign direct investment
- Boost export earnings
- Accelerate infrastructure and economic development
President Yoweri Museveni expressed intentions to refine the gold locally, rather than exporting raw ore, to maximize national profit.
Caveats:
The figures are government-released, not yet independently verified.
Such large resource announcements often face economic, environmental, and logistical challenges.
Extraction and refining would require years of investment, stable governance, and environmental compliance.
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