Cabinet approves UGX 86B loan for Geological mapping

Kampala, Uganda | THE INDEPENDENT | Cabinet has approved a proposal to borrow Euros 20,622,435 million (approximately Shillings 84billion) from the Corporate Internationalization Fund of Spain for Mineral exploration.

The money will be used to finance airborne geological and geophysical survey mapping in Karamoja. Government spokesperson, Ofwono Opondo, says the decision was reached by cabinet at State House Entebbe.

Addressing journalists at Uganda Media Centre on Tuesday morning, Opondo said that the project will enable Government complete the airborne geophysical map of the country to establish the available mineral resources in the country especially in Karamoja region.

The project is also intended to improve livelihoods for mining communities as a result of better returns from their activities.

According to cabinet, Government department and universities will benefit from the mineral data to facilitate research.

The project will also improve the technologies of artisanal and small scale miners through providing better mining equipment.

Karamoja, which is considered “the basket of Uganda’s minerals”, is thought to host deposits of minerals such as uranium, zinc, copper, cobalt, tungsten, beryllium, gold and oil. Gold mining is one of the major economic activities in Karamoja mainly conducted by artisanal miners.

In a bid to improve the mineral and Oil mining in Karamoja sub region, government opened a regional office for the Directorate of Geological Survey in Moroto district in 2018.

The office is expected to accommodate the regional surveyor, ecologists and other staff from the directorate.

*****

URN