The Ministry of Energy and Mineral Development has granted a mining licence to Euro Gold Refinery (U) SMC Ltd to operate in Yumbe District, marking a significant step in Uganda’s efforts to strengthen mineral value addition and formalise the gold sector.
According to State Minister Okaasai Sidronius Opolot, the licence was issued in line with Sections 87 and 90 of the Mining and Minerals Act, 2022.
The development expands Euro Gold’s footprint in Uganda’s mineral industry and reinforces its long-term commitment to responsible gold mining, refining, and trade.
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 said planned mining and refining operations in Yumbe are expected to boost local value addition, with preliminary assessments indicating high-grade gold deposits with purity levels of between 96 and 97 per cent.
Feni noted that Uganda’s gold sector continues to offer strong opportunities for both domestic and international investors.
“With the right partnerships and expertise, Uganda’s gold industry presents a pathway into one of the world’s most valuable sectors,” he said, calling for strategic collaboration to unlock its full potential.
Euro Gold Refinery (U) SMC Ltd was officially launched in Kampala in July 2025 by Energy Minister Ruth Nankabirwa. The facility is Uganda’s first fully locally owned gold refinery, marking a milestone in increasing Ugandan participation in a sector historically dominated by foreign firms.
The company aims to position Uganda as a regional hub for gold refining and trade, while promoting responsible mining practices, enhancing domestic value addition, and improving transparency across the gold value chain.
At full capacity, the refinery is expected to produce gold of 99.9 per cent purity, in line with international standards. This aligns with national development priorities, including Vision 2040 and the Bank of Uganda Domestic Gold Purchase Programme.
During the launch, Nankabirwa described the refinery as a strategic investment that will support Uganda’s ambition to grow its economy from about $50 billion to $500 billion by 2040.
Euro Gold’s operations in Yumbe add to its expanding footprint across the country. The company already has mining interests in Abim, where it works with artisanal miners under formal licensing arrangements and supply agreements. It has also signed a memorandum of understanding with the United Miners Association to promote value addition through refining gold to 99.9 per cent purity.
In addition, the company holds a prospecting licence in Busia as part of its broader exploration of Uganda’s mineral potential.
The Yumbe project is projected to produce up to 10 kilograms of gold per day, with an estimated value of about $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 community incomes, and curb illicit gold trade.
