Value addition and local refining power Uganda’s rise in global gold trade
Uganda has established itself as one of Africa’s fastest-rising gold exporters, with earnings reaching a record $5.8 billion in the year ending November 2025, according to the Bank of Uganda.
The performance, equivalent to approximately 21.1 trillion shillings, places gold at the center of the nation’s mineral economy. It signals a shift from raw mineral exports toward value addition, refining and integration into global trade.
Beyond gold, Uganda possesses an array of strategic minerals, including coltan, tantalite, copper, diamonds, silver, limestone, uranium and marble. Major mineral belts stretch across Busia, Buhweju, Mubende, Kassanda, Karamoja and West Nile.
A new generation of miners, refiners and traders is driving this transformation. Their influence spans artisanal mining, industrial extraction and international bullion markets.
Among these industry leaders is Benard Feni, a businessman from Arua City and the founder of Eurogold Refinery Uganda. The facility is recognized as the first gold refinery wholly owned by a Ugandan.
Eurogold was commissioned with government backing to promote local value addition and curb illegal exports. Under Feni’s leadership, the refinery has produced gold at 99.9% purity, meeting international bullion standards.
The company has expanded its operations to Dubai, a global gold trading hub. This move provides Eurogold with direct access to international buyers and refiners. Feni’s broader business interests include Aureum Minerals & Resource International, Zoe Finance and the Mungu Feni Foundation, which focuses on community development and youth empowerment.
Other key figures are also shaping the landscape:
David Ushindi leads Kibali Gold Mining Co., a regional player with operations in Uganda and the Democratic Republic of Congo. Under his direction, the company has focused on cross-border operations and production efficiency.
Nari Patel, head of East Coast Minerals Uganda Ltd., has worked to formalize mineral supply chains. The company specializes in sourcing and refining while ensuring traceability, a requirement in global markets.
Allan Agumya, managing director of Rusla Mining & Minerals Ltd., brings more than 13 years of experience to the sector. As chairman of the Miners’ Forum Uganda, he advocates for responsible mining and policy engagement.
Sam Akatuhumuza has overseen operations at Gold Mine Ltd. for more than five years. His work focuses on compliance and internal controls as the sector moves toward professionalized processing.
In the Karamoja region, John Bosco Mugarura, known locally as Poshu Poshu, operates as a prominent artisanal miner and dealer. He runs an ore-crushing mill in the Moroto area to enable community-level value addition.
In the Mubende District, Moses Masagazi and Gertrude Njuba own AUC Mining Uganda Limited. Their operations in Kassanda North County have contributed to employment and gold output, despite past conflicts with artisanal miners.
Michael Robinson, president and CEO of Simba Gold Refinery Limited, represents the growth of foreign-linked investment. The refinery has been exporting Ugandan gold to international markets since late 2024.
The surge in exports comes as global gold prices reached record highs entering 2026. Demand has been driven by geopolitical tensions, inflation and central bank purchases, reinforcing the metal’s status as a safe-haven asset.
Source: https://pmldaily.com/