President Yoweri Kaguta Museveni has highlighted the growth of Uganda’s gold refining industry, saying the country is now processing gold locally and benefiting more from its mineral resources.
In a post shared on his official social media account, the President said he recently met Mr. Cohen Carlos, the owner of Feldstein Co. Ltd., a gold refinery based in Kampala. He noted that the refinery is producing gold of high purity.
“In the picture, I am with Mr. Cohen Carlos, who owns Feldstein Co. Ltd., a gold refinery in Kampala. It refines Uganda’s gold to a purity level of 99.9 percent,” the President said.
President Museveni added that gold prices on the international market have fluctuated, saying a kilogram recently fetched about USD 173,000 but has since dropped to around USD 129,000 due to global events linked to conflict in the Gulf region.
He further revealed that the gold he was holding in the photo, weighing about one and a half kilograms, came from Ibanda District. He also noted ongoing expansion in the sector, including the construction of another refinery in Morulem, Abim District.
“Uganda is waking up. We have 10 licensed gold refineries in Uganda,” the President said, adding that some refiners are now producing gold bars branded with the Bank of Uganda logo.
The President’s remarks point to growing government emphasis on value addition in the mining sector, especially through local refining of minerals instead of exporting raw materials.