Gold exports power Uganda’s mineral economy as new industry heavyweights emerge

Gold exports power Uganda’s mineral economy as new industry heavyweights emerge

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Officials at the minerals conference 2025. Arua-based businessman Benard Feni and his Eurogold Refinery are changing the gold landscape in Uganda

Kampala, Uganda | THE INDEPENDENT | Uganda’s gold sector has moved to the centre of the country’s export economy, with earnings hitting a record US$5.8 billion (about Shs21.1 trillion) in the year to November 2025, according to Bank of Uganda data. The surge has cemented gold as Uganda’s leading export commodity and signalled a structural shift toward value addition, refining and deeper integration into global bullion markets.

The performance underscores a broader transformation within Uganda’s mining industry, long characterised by artisanal production and informal trade. Today, a mix of domestic refiners, regional mining firms and internationally linked traders is reshaping how Uganda extracts, processes and sells its gold.

Uganda’s mineral potential extends far beyond gold. The country hosts commercially viable deposits of coltan, tantalite, copper, silver, limestone, marble and uranium, with key mineral belts running through Busia, Buhweju, Mubende, Kassanda, Karamoja and West Nile. However, it is gold that has become the anchor of Uganda’s mineral economy, driven by tighter regulation, improved traceability and rising global prices.

At the centre of the refining and export push is Eurogold Refinery Uganda, founded and led by Arua-based businessman Benard Feni. Eurogold is widely recognised as the first wholly Ugandan-owned gold refinery and was commissioned with government backing to curb illegal exports and promote domestic value addition.

Under Feni’s leadership, Eurogold has refined Ugandan gold to 99.9% purity, meeting international bullion standards and enabling direct access to global markets. The company’s decision to establish its main offices in Dubai one of the world’s largest gold trading hubs has further strengthened Uganda’s link to international buyers and financiers, placing Eurogold among the country’s most globally connected gold exporters.

Beyond refining, Feni’s business interests span mineral trading, finance and community development, reflecting a model that blends commercial scale with social impact. His rise mirrors a broader trend in Uganda’s gold sector, where local entrepreneurs are increasingly competing alongside foreign-linked operators.

Other key players are also shaping the industry. David Ushindi, who leads Kibali Gold Mining Company, has overseen expanded cross-border operations in Uganda and the Democratic Republic of Congo, strengthening regional production networks. Nari Patel of East Coast Minerals Uganda Ltd has focused on formalising mineral supply chains, responding to growing international demand for traceability and compliance.

Industry coordination and policy engagement have been driven in part by Allan Agumya, Managing Director of Rusla Mining & Minerals Ltd and Chairman of the Miners’ Forum Uganda, who has played a prominent role in advocating responsible mining practices over more than a decade in the sector.

At the operational level, firms such as Gold Mine Ltd, overseen by Sam Akatuhumuza, illustrate the shift toward professionalised mining and processing, with greater emphasis on internal controls and output quality. In mining communities, artisanal operators remain significant. John Bosco Mugarura, popularly known as “Poshu Poshu,” has invested in ore-crushing infrastructure in Karamoja’s Moroto area, enabling local value addition and linking small-scale miners to formal markets.

In Mubende and Kassanda, among Uganda’s most productive gold belts, AUC Mining Uganda Limited owned by Moses Masagazi and Gertrude Njuba has contributed to employment creation and rising output, despite periodic tensions between large operators and artisanal miners.

Foreign-linked refiners are also increasing their footprint. Simba Gold Refinery Limited, led by Michael Robinson, has been refining and exporting Ugandan gold since late 2024, adding to the country’s growing refining capacity.

Uganda’s export boom comes amid historic global demand for gold, driven by geopolitical uncertainty, inflationary pressures and sustained central bank buying. With prices at record highs entering 2026, gold has reaffirmed its status as a safe-haven asset.

 

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