The Ministry of Energy and Mineral Development has granted Euro Gold Refinery (U) SMC Ltd a mining license to operate in Yumbe District, marking a significant step in Uganda’s drive to strengthen mineral value addition and formalise the gold sector.
According to the Minister of State for Energy and Mineral Development, Okaasai Sidronius Opolot, the license was issued in accordance with Sections 87 and 90 of the Mining and Minerals Act, 2022.
The development adds to Euro Gold’s growing portfolio in Uganda’s mineral sector and reinforces its long-term commitment to responsible gold mining, refining, and trade.
Speaking on the development, Benard Feni, Director of Euro Gold Uganda, described the Yumbe project as part of a broader strategy to build a more inclusive, transparent, and sustainable gold industry.
He noted that planned mining and refining operations in Yumbe are expected to significantly boost local value addition, with preliminary reports indicating the presence of high-grade gold deposits with purity levels of 96–97 per cent.
Feni emphasised that Uganda’s gold sector continues to present strong opportunities for both local and international investors.
“With the right partnerships and knowledge, Uganda’s gold industry offers a pathway into one of the world’s most valuable sectors,” he said, calling for strategic collaborations to unlock its full potential.
Euro Gold Refinery (U) SMC Ltd was officially launched in Kampala in July 2025 by the Minister of Energy and Mineral Development, Ruth Nankabirwa. The refinery stands out as Uganda’s first fully Ugandan-owned gold refinery, a milestone in local participation within a sector historically dominated by foreign players.
The company’s core vision is to position Uganda as a regional hub for gold refining and trade, while its mission focuses on promoting responsible mining practices, increasing domestic value addition, and enhancing transparency across the gold value chain.
At full capacity, the refinery aims to process gold to 99.9 per cent purity, aligning with international standards and supporting initiatives such as Uganda’s Vision 2040 and the Bank of Uganda’s Domestic Gold Purchase Programme.
During the launch, Minister Nankabirwa commended the investors behind Euro Gold, describing the refinery as a strategic investment that will contribute to Uganda’s ambition of growing its GDP from approximately $50 billion to $500 billion by 2040.
Euro Gold’s operations in Yumbe add to its expanding footprint across the country. The company already holds mining in Abim, where Euro Gold Refinery Belford Kakoka artisan miners attain a gold mining license and have an MOU to supply gold to Euro Gold Refinery, A memorandum of Understanding with United Miners Association, where the MOU aims at value addition by refining it to 99.9%
EURO GOLD Is also exploring Uganda’s raw ore and has a prospecting license in Busia.
The Yumbe project is projected to produce up to 10 kilograms of gold per day, with an estimated total value of approximately USD 500 million over a 50-year lifespan.
Beyond production, Euro Gold is positioning itself as a key player in employment creation and skills development within Uganda’s mining sector.
By formalising artisanal mining, investing in modern refining technologies, and strengthening supply chains, the company aims to create jobs, improve incomes for local communities, and reduce illicit gold trade.