{"id":12854,"date":"2022-06-18T17:30:27","date_gmt":"2022-06-18T17:30:27","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/uganda-claims-exploration-surveys-discovered-31-million-metric-tons-of-gold-bitcoin-news\/"},"modified":"2022-06-18T17:30:27","modified_gmt":"2022-06-18T17:30:27","slug":"uganda-claims-exploration-surveys-discovered-31-million-metric-tons-of-gold-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/uganda-claims-exploration-surveys-discovered-31-million-metric-tons-of-gold-bitcoin-news\/","title":{"rendered":"Uganda Claims Exploration Surveys Discovered 31 Million Metric Tons of Gold \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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While gold is often considered a scarce asset, Uganda explained on Wednesday that recently conducted exploration surveys indicate that there\u2019s roughly 31 million metric tons of gold ore waiting to be mined in the region. Moreover, a spokesperson from Uganda\u2019s Ministry of Energy and Mineral Development said there\u2019s an estimated 320,158 tonnes of refined gold available.<\/strong><\/p>\n

Uganda Claims the Country Has 31 Million Tonnes of Gold Ore \u2014 320,158 Metric Tons of Refined Gold Is up for Prospect<\/h2>\n

During the last five years, the value of one ounce of fine gold has risen by 48% against the U.S. dollar. An ounce of gold\u2019s spot market value tapped an all-time high this year at $2,060 per unit.<\/p>\n

Today, an ounce of gold is $1,840 per unit and the spot market price is up around 0.48% during the past 30 days. Meanwhile, reports<\/a> from Uganda show the country has discovered quite a bit of gold ore, and is looking to attract miners and investors.<\/p>\n

On Wednesday, Solomon Muyita, a spokesperson for the Ministry of Energy and Mineral Development told<\/a> Reuters that the country has found 31 million tonnes of ore by conducting a number of exploration surveys across the land.<\/p>\n

\"Uganda
Artisanal and small-scale Ugandan mines.<\/figcaption><\/figure>\n

The spokesperson further noted that 320,158 tonnes of refined gold could be mined immediately and a Chinese company called Wagagai Mining is already planning to mine in the area. Wagagai just got its gold production license<\/a> in March 2022, and it set up a 21-year mining lease with officials from the Busia district in the eastern region of Uganda.<\/p>\n

\"Uganda
Pictures of the first phase of construction on October 6, 2021, according to NTV Uganda video<\/a>.<\/figcaption><\/figure>\n

Muyita said most of the ore was found in Karamoja, Busia District, alongside central and western areas as well. Wagagai is set up in Mawero Parish, Butebo sub-county, and it is estimated that there\u2019s 12.5 metric tons of mineable refined gold at the location.<\/p>\n

China\u2019s Wagagai Mining to Start Production Soon \u2014 Surprise Deposits Discovered Every Year<\/h2>\n

Muyita remarked that Wagagai will start production this year and the company has invested $200 million so far into the construction of the refining station. Now gold\u2019s scarcity, however, also stems from the difficulty of mining the ore, and while Muyita claims there\u2019s 320,158 metric tons of gold, there\u2019s only 2,500<\/a> to 3,000<\/a> mined each year.<\/p>\n

\"Uganda
The Independent reported<\/a> that Wagagai Mining\u2019s Busia District operation had to be closed temporarily over 19 Covid-19 cases.<\/figcaption><\/figure>\n

Moreover, South Africa is the world\u2019s largest producer and but there\u2019s also significant gold mining happening in the U.S., Canada, Australia, Russia, and China. The precious metal\u2019s scarcity proposition however is constantly put to the test by surprise ore deposits found worldwide.<\/p>\n

For instance, at the end of October 2020, Bitcoin.com\u2019s newsdesk reported<\/a> on a surprise find of approximately 40 million troy ounces of gold in Russia\u2019s Siberian region. In August 2020, a historical region of Central Europe, situated in Poland and called Silesia, discovered massive gold deposits<\/a> in the area.<\/p>\n

In March 2021, a Yemeni freelance journalist based in the capital Sana\u2019a, Ahmad Algohbary, reported<\/a> on a colossal mountain of gold discovered in the Congo. While the reports noted that the Congo mountain of gold had no confirmed estimates as to how much gold was discovered, it was said that artisan miners were smuggling the gold.<\/p>\n

Smuggling gold is very prominent in Africa according to a United Nations (UN) report that says production in the Congo region \u201ccontinues to be systematically underreported.\u201d This means that while statistics say there\u2019s only 2,500 to 3,000 metric tons mined each year, a significant amount of mined gold may be entering the market that\u2019s not being reported.<\/p>\n

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\nTags in this story
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31 million metric tons<\/a>, Africa<\/a>, Ahmad Algohbary<\/a>, Artisan Mining<\/a>, Busia District<\/a>, Canada<\/a>, China<\/a>, Congo<\/a>, fine gold<\/a>, gold<\/a>, Gold Deposits<\/a>, Gold Ore<\/a>, metric tons<\/a>, Mineable Gold<\/a>, Ore<\/a>, Ounce of Gold<\/a>, Refined Gold<\/a>, Russia<\/a>, Scarcity<\/a>, Smuggling Gold<\/a>, South Africa<\/a>, tonnes<\/a>, Tons<\/a>, Uganda<\/a>, US<\/a>, Wagagai Mining<\/a><\/div>\n<\/div>\n

What do you think about the 31 million metric tons of gold found in Uganda? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, NTV Uganda, The Independent, <\/em><\/p>\n

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