https://www.miningweekly.com
Business|Energy|Export|Gold|Mining|PROJECT|Refinery
Business|Energy|Export|Gold|Mining|PROJECT|Refinery
business|energy|export|gold|mining|project|refinery

Uganda gold export earnings fall 80% y/y in 2022 – central bank

24th February 2023

By: Reuters

  

Font size: - +

Uganda's gold export earnings fell 80% year-on-year in 2022, central bank data showed on Friday, a drop an analyst said was due to effects of US sanctions against one of the East African country's largest exporters of the precious metal.

Uganda shipped gold worth $201 million over the 12 months of 2022, down from $1 billion shipped during the same period in 2021, according to the central Bank of Uganda.

The country's gold export earnings have surged since 2015 due to rising shipments from the African Gold Refinery (AGR), a gold processor set up by Belgian businessman Alain Goetz in Entebbe, about 45 km (28 miles) south of the capital Kampala.

The United States imposed sanctions on Goetz and a network of companies connected to him, including AGR, in March last year. At the time, Goetz said his inclusion on the US sanctions list was based on misinformation.

"The sanctioning of AGR, it definitely affected the sector ... doing business internationally for them is now challenging after the sanctions," Stephen Turyahikayo, a mining analyst who has done research on gold trade in the Great Lakes region, told Reuters.

Turyahikayo said the shipments likely also plummeted because the ministry of energy and mineral development had suspended the issuance of new export licenses pending implementation of a new mining law enacted last year.

Uganda is trying to position itself as a major gold processing and trading hub in the region and has been wooing investments in the sector.

Wagagai Mining Ltd, a Chinese firm, is establishing a large-scale gold project in eastern Uganda that is due for commissioning by the end of this year, according to the ministry.

Edited by Reuters

Comments

Showroom

SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 
Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
28th February 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.168 0.202s - 108pq - 2rq
Subscribe Now