Support services company Africa Exchange, in partnership with multinational con-sulting firm KPMG, is to host the Uganda Country Focus seminar on October 27, during which topics such as foreign investment into the undeveloped Ugandan mining sector will be discussed.
Last month, KPMG reported that foreign investors were keenly pursuing opportunities in Uganda’s mining sector. This saw Qatari investors arrive in Uganda’s capital city, Kampala, last month to seek possible mining opportunities.
The delegation visited the Uganda Investment Authority (UIA), where they met with the UIA’s executive director, Dr Frank Sebbowa. The two parties discussed investment proposals that had previously been set forth by the UIA in partnership with the Ministry of Foreign Affairs by way of Uganda’s Embassy in Saudi Arabia.
KPMG notes that key attendees at this meeting included representatives from the business development department of the Kingdom of Qatar, the Qatari Ministry of Economy and Commerce, State-owned Qatar Petroleum and Qatar Mining.
KPMG says that Uganda’s mineral potential remains largely undeveloped, although the country’s geology suggests that it could be considerable.
In a report published in 2012 on Uganda’s mining background, KPMG mentions that, in the early 1970s, mining operations focused on a wide range of metals, such as copper, which was mined at Kilembe, situated on the south-west of the country. By 1979, almost all mining enterprises had ceased production.
In 2002, KPMG indicated that funding that amounted to $40-million was made available for mineral surveys throughout the country to identify areas of good potential. The areas that were identified for priority attention included the Busia goldfields in the south-east, which was believed to have gold, zinc, copper and lead mineral resources.
The Tororo and Mbale areas were believed to possess carbonatite, while the Buhweju and Kigesi goldfields were believed to possess gold and nickel mineral resources.
Moreover, the report mentions that Canadian-owned mining company Uganda Gold Mining claimed that there were diamond reserves in the Bushenyi district of the country. The company also reported that reserves of tantalum and niobium in the Ntungamo and Rukunjiri districts were found and are yet to be explored.