The State Minister for Energy and Mineral Development Phiona Nyamutoro, has presided over the handover ceremony of assets from Kilembe Mines Limited to Uganda National Mining Company (UNMC), Sarai Group, and Nile Fireboard Limited.
This marks a significant milestone in the country's efforts to revive the mines, which have been dormant since 1982 due to a fall in global copper prices.
"This will be followed with a field inspection to verify all the handed-over assets," Nyamutoro stated.
The minister expressed optimism about the development, noting that it would strengthen metal industrialization and ensure Uganda benefits from its natural resources.
The handover ceremony is a culmination of efforts to revive the Kilembe Mines, which were once a major contributor to Uganda's economy.
The Mineral Production Sharing Agreement signed on March 3 between UNMC, Sarai Group, and Nile Fireboard Limited paves the way for the new investors to take over the mines and commence operations.
"We look forward to strengthening metal industrialization and ensuring that Uganda benefits from its natural resources," Nyamutoro emphasized.
The government's efforts to revive the mines are expected to boost the country's economy and create new opportunities for employment and growth.