Uganda has officially commissioned another licensed gold refinery, Euro Gold Refinery (U) SMC Ltd, marking an important step in the country’s drive to industrialize its mineral sector and strengthen the economy through value addition.
Located in Kamwokya, Kampala, the Euro Gold Refinery was launched on July 29 in a ceremony presided over by Energy Minister Ruth Nankabirwa and State Minister for Minerals Phiona Nyamutoro. The launch drew widespread attention from government officials, miners, and industry players, as it reinforced the country’s commitment to ending the export of unprocessed gold.
“This refinery is not just a building. It is a symbol of Uganda’s journey toward economic independence,” said Minister Nankabirwa. “We are determined to add value to our resources and empower our people.”
The new facility is designed to refine gold to a purity of 99.99%, enabling Uganda to comply with international trade standards while curbing illicit mineral exports. It comes at a time when government statistics show gold accounted for more than 37% of Uganda’s total export receipts in the 2023/24 financial year, with gold exports valued at over UGX 11 trillion (approximately USD 3 billion).
According to Minister Nyamutoro, the refinery is a “cash cow” that could accelerate Uganda’s ambition to achieve a USD 500 billion economy under Vision 2040. She emphasized that the project aligns with President Museveni’s directive banning the export of unprocessed minerals to encourage domestic industrial growth.
Artisanal and small-scale miners, who make up the majority of Uganda’s gold producers have also welcomed the development. The country has an estimated 400,000 artisanal miners, indirectly supporting nearly 2 million Ugandans.
The Euro Gold Refinery also boasts a state-of-the-art assaying lab, smelting units, and a trading platform. Company officials noted that more branches are planned in key mining districts, supported by a UGX 50 million expansion plan.
The facility is expected to play a critical role in improving traceability in the gold supply chain, addressing concerns flagged in a 2024 Auditor General’s report that uncovered over USD 3 billion worth of gold exports made without permits.
The Bank of Uganda is also reportedly in the final stages of launching a Domestic Gold Purchase Programme, which would see the central bank purchase locally refined gold as part of its reserve assets further boosting the sector’s strategic importance.
Industry analysts view the refinery as a step toward positioning Uganda as a regional hub for gold processing, especially given the facility’s legal access to concessions in Yumbe and trade networks extending into neighboring Democratic Republic of Congo (DRC).
As Uganda continues to reform its mining laws and invest in domestic value chains, Euro Gold Refinery stands out as a milestone investment, one that signals the country’s evolving role in global gold markets.
“This is not just about gold, it’s about dignity, value, and national pride,” Minister Nankabirwa concluded.