Mining sector calls for more funding

Kampala, Uganda | IAN KATUSIIME | At the 13th mineral wealth conference organized by Uganda Chamber of Mines and Petroleum, there was an urgent call from everyone: we need more funding. A national mining company is in the works and so investors are positioning themselves to tap into the country’s mineral wealth.

The keynote speech was delivered by Abdoul Karim Kabele Camara, vice president of Fortuna Mining in Ivory Coast who hailed Uganda’s mining sector for the marketing and positioning it was carrying out globally. Deputy Speaker of Parliament Thomas Tayebwa who opened the conference said he was going to lead efforts to invest billions of dollars in the sector.

Uganda boasts significant reserves of critical minerals like iron ore, copper, Rare Earth Elements, nickel. In addition, efforts are underway to revive the Kilembe copper mines and there are also initiatives like the Makutu Rare Earth projects many are banking on.

“The 13th mineral wealth conference offers a space to discuss how the mining sector can contribute to broader goals such as local manufacturing of clean energy technologies, job creation, and infrastructure development,” said Richard Kaijuka, chairman of UCMP Board of Trustees.

Aggrey Ashaba, the chairman of the Governing Council for UCMP said sustainability is at the core of the chamber adding that it is aligned with Uganda’s Energy Transition Plan. Ashaba said the mining of critical minerals like lithium and cobalt which are crucial for renewable energy systems ought to be done in a way that ensures environmental protection and social responsibility.

The mining sector faces structural challenges like mineral quantification, energy security access to capital which the government minister vowed to address going forward. The conference was attended by representatives from Blencowe Resources Limited, Woodcross Capital, Wagagai Mining, Hima Cement, and Tembo Steels Uganda Limited.