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Uganda Gold Industry News

Latest developments from Uganda's booming gold sector — market data, regulatory updates, and industry milestones.

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$5.8B Uganda Gold Exports (to Nov 2025)
Economic News · Export Data

Uganda Gold Exports Hit Record US$5.8 Billion — Gold Now Drives Over 50% of Total Export Earnings

📅 December 2025 📰 Source: Bank of Uganda / UBOS Export Statistics

Uganda's gold export earnings reached a record US$5.8 billion (approximately Shs 21.1 trillion) in the 12-month period to November 2025 — surpassing the previous annual record and cementing gold's position as the country's single largest export commodity by a substantial margin.

Gold now accounts for more than 50% of Uganda's total merchandise export value, according to data from the Uganda Bureau of Statistics (UBOS) and the Bank of Uganda's External Sector Statistics. The figures reflect a combination of rising international gold prices — which have touched historic highs above USD 3,000 per troy ounce during 2025 — and growing volumes of Ugandan-origin gold being processed through the country's expanding refinery network.

Nine licensed refineries are currently operating in Uganda, including Oasis Gold Uganda, processing gold sourced primarily from artisanal and small-scale mining operations in Busia, Mubende, Kassanda, Karamoja, West Nile, and the western lake regions.

$5.8BExport Value
9Active Refineries
>50%Share of Exports
Market Context

Uganda Gold Sector — Key Indicators 2025

⛏️ 31M t Estimated Gold Deposits Worth ~USD 12 Trillion
🏭 9 Licensed Refineries ↑ from 2 in 2021
LBMA Gold Pricing Benchmark International spot standard
6 Major Mining Regions Busia · Mubende · Karamoja +
Latest Stories

Uganda Gold Sector News

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Industry · Mining
Uganda Targets First Large-Scale Commercial Gold Mine — Production Set for Late 2025
Uganda is on the cusp of opening its first large-scale, formally mechanised gold mine. The mine, located in Busia District in eastern Uganda, marks a watershed moment for a sector that has historically relied on artisanal and small-scale mining. Feasibility studies confirmed reserves of over 2 million troy ounces of recoverable gold, with production costs projected to be competitive with major African gold producers.
August 2025 Mining Milestone
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Industry · Refineries
Nine Refineries Now Operating in Uganda as Sector Matures — Oasis Gold Among Established Players
Uganda's refining ecosystem has grown from just two licensed refineries in 2021 to nine by the end of 2025, according to the Directorate of Geological Survey and Mines (DGSM). The expansion reflects Uganda's ambition to add value domestically rather than exporting raw or semi-processed gold. Oasis Gold Uganda is among the established refineries processing material from miners across six regions.
November 2025 Sector Growth
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Industry · New Entrant
Euro Gold Refinery Opens in Arua City — Uganda's First Wholly Ugandan-Owned Refinery
Euro Gold Refinery, which opened in Arua City (West Nile Region) in August 2025, became Uganda's first wholly Ugandan-owned and operated gold refinery. The facility is strategically positioned close to gold-producing areas in West Nile and the Democratic Republic of Congo border region. Its opening signals growing local entrepreneurial capital flowing into the refining sector.
August 2025 New Refinery
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Market · Valuations
Uganda's Gold Deposits Estimated at 31 Million Tonnes — Total Value Exceeds USD 12 Trillion
Uganda's Ministry of Energy and Mineral Development has revised upward the country's estimated gold deposit base to 31 million metric tonnes of gold-bearing ore, containing recoverable gold valued at approximately USD 12 trillion at current spot prices. The deposits are concentrated in six primary zones: Busia, Buhweju, Mubende, Kassanda, Karamoja, and the West Nile region — making Uganda one of sub-Saharan Africa's most significant untapped gold frontiers.
2025 Reserve Estimate
Regulation · Transparency
UGEITI Report Highlights Data Gaps in Uganda's Gold Export Reporting — Calls for Greater Refinery Disclosure
The Uganda Extractive Industries Transparency Initiative (UGEITI) 2024/25 report flagged persistent data reconciliation gaps between gold export volumes declared to Uganda Revenue Authority (URA), DGSM mineral export permits, and Bank of Uganda foreign exchange receipt records. The report recommends that refineries submit more granular, real-time disclosure of consignment weights and export values to support accurate national statistics.
2025 Regulation
Regulation · Compliance
Uganda Strengthens AML Rules for Gold Dealers — Financial Intelligence Authority Issues Updated Guidelines
Uganda's Financial Intelligence Authority (FIA) released updated Anti-Money Laundering guidelines for Dealers in Precious Metals and Stones (DPMS) in 2025, expanding KYC requirements to include beneficial ownership declarations for corporate clients and enhanced due diligence for transactions above UGX 50 million. The guidelines align Uganda's regime more closely with the FATF Recommendations on virtual assets and high-value goods dealers.
2025 AML Update
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Market · Prices
Gold Spot Price Surpasses USD 3,000/oz for First Time in History — East African Refineries Benefit from Record Revenues
International gold prices broke the USD 3,000 per troy ounce barrier for the first time in March 2025, driven by central bank buying, geopolitical uncertainty, and sustained investor demand for safe-haven assets. For Uganda's refineries and mining sector, the record price environment translates directly into record export revenues — with even modest production volumes generating significant foreign exchange earnings at current spot levels.
March 2025 Market Record
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Industry · Sustainability
Uganda National Mining Company Established — Government Takes Equity Stake in Extractive Sector
The Uganda National Mining Company (UNMC), established by the government in 2024 under the Mining Act, is set to take equity stakes in major mining projects and participate in the value chain from extraction through refining and export. The company's mandate includes supporting compliance with ICGLR conflict-free certification standards and improving revenue transparency across the sector. The UNMC's participation is expected to attract further foreign investment into Uganda's mining industry.
2024–2025 Government
Oasis Gold · Company
Oasis Gold Refinery Completes Laboratory Expansion — Fire Assay Capacity Doubled for 2025
Oasis Gold Refinery completed a significant expansion of its fire assay laboratory in early 2025, doubling the number of muffle furnaces and adding a second XRF analyser to meet growing demand from miners across eastern and central Uganda. The expansion reduces assay turnaround times and allows the refinery to process multiple large consignments simultaneously without queue delays — maintaining the same-day assay guarantee that has become an Oasis trademark.
Q1 2025 Company Update
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