Uganda [allegedly] discovers gold deposits worth 12 trillion USD

[LazyLion]

Uganda announced that it had discovered 31 million metric tons of gold waiting to be mined in the country after several surveys were conducted. A spokesperson from the Ministry of Energy and Mineral Development in Uganda, Solomon Muyita, said that these reports are aimed at attracting gold miners and investors in the crypto sector.


In a bid to boost the country’s economy, the Ugandan government has licensed Wagagai gold mining company, a Chinese firm to start producing gold products in Busia district. The company embarked on the construction of its gold refinery valued at USD200m in phases in the district in 2016. Muyita said that the discovered gold could start being mined immediately.

Uganda discovers gold deposits worth 12 trillion USD

Uganda discovers 31 million metric tons of refined gold waiting to be mined in the country after several surveys were conducted

www.miningreview.com

 

[LazyLion]

Uganda on Wednesday said recent exploration surveys have shown it has gold ore deposits of about 31 million tonnes and it wants to attract big investors to develop the sector hitherto dominated by small wildcat miners.

Over the last two years, aerial exploration was done across the country followed by geophysical and geochemical surveys and analyses, Solomon Muyita, spokesperson for the Ministry of Energy and Mineral Development, told Reuters.

​

Muyita said an estimated 320,158 tonnes of refined gold could be extracted from the 31 million tonnes of ore.

Uganda says exploration results show it has 31 million tonnes of gold ore

Most of the deposits were discovered in Karamoja, a parched sprawling area in the country's northeastern corner on the border with Kenya.

www.mining.com

 

[wingnut771]

How much does SA have?

 

[neoprema]

China gonna make lots of money out of this, as will a handful of Ugandan politicians.

The people/country/infrastructure? nadda.

 

[ToxicBunny]

I think Uganda are smoking something special...

They've single handedly expanded the known gold supply in the world by over 100 times. 1.5 times

**EDIT**
Nope, my mistake, not 100x... but 1.5x.
The world has around 250000 tons of known gold deposits (of which around 180000 tonnes has been mined etc), this one in Uganda is apparently around 325000 tonnes.

 

[wingnut771]

Will the gold price go like bitcoin?

 

[LazyLion]

How much does SA have?

There is $2 Trillion cash in circulation in the USA.

 

[ShaunSA]

Are they sure it's not Hazenile?

 

[LazyLion]

Are they sure it's not Hazenile?

Mantashenite.....

 

[ToxicBunny]

Mantashenite.....

Think Musevenite would be more accurate.

 

[TelkomUseless]

Congrats...

Maybe ANC can send brown envelopes to Uganda President so we can get a tender or two...

 

[ToxicBunny]

Congrats...

Maybe ANC can send brown envelopes to Uganda President so we can get a tender or two...

Too late, China bought it all already.

 

[Cosmik Debris]

There is $2 Trillion cash in circulation in the USA.

Which is actually worth nothing as it has no value base other than confidence.

 

[Supervan II]

All hail, Emperor Musevani.

 

[Virex]

They’ll probably lose it all to China in some deal or loans that leaves them bankrupt and in debt to the Chinese

 

[Pak Fa Fui]

If you have so much gold, why not take it out yourself or use people from SA.

 

[Cosmik Debris]

If you have so much gold, why not take it out yourself or use people from SA.

Because that's not how China works. Had you traveled in Africa, you would have seen that the Chinese pay some African big man/men and then move in Chinese prison slave labour that are lucky to get a rice bowl a day. The local Africans sit at the side of the workings and watch while starving.

Those of us that have worked all over Africa and seen this have been warning about it for decades. But the local African think the white man is trying to bring apartheid back. They will wish that apartheid was back once the Chinese have finished with them.

 

[Pak Fa Fui]

Was thinking more along the lines of Patrice Motsepe and Co
/ignores CD effort of derailing the topic

 

[Cosmik Debris]

Was thinking more along the lines of Patrice Motsepe and Co
/ignores CD effort of derailing the topic

CD, unlike Pak Fa Fui, has lived and worked all over Africa and seen what was told. The topic is not derailed. It is a prediction of the future. Do you think some Ugandan big man/men want to share with Motsepe when they can keep it to themselves?

 

[konfab]

Which is actually worth nothing as it has no value base other than confidence.

Here is the deal:
You give me $1000. EFT is fine.
In exchange I give you a pie from Woolworths.
As you said the $1000 is worth nothing, so you win from this exchange