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Reuters recently reported a government of Uganda announcement of the discovery, at several sites around the country, of 31 million tonnes of gold ore deposits, from which 320,158 tonnes of refined gold (currently valued at USD13.8 trillion) could be extracted; and international investors are invited to Uganda to set up mining and refining operations.
According to the World Gold Council, by the end of 2021, a total of 205,238 tonnes of gold had been mined throughout history; 67% of which had been mined since 1950. WGC suggests that if all this gold were to be accumulated in one place, the resulting cube of pure gold would measure a mere 22 meters on each of its three sides.
The state mining company in Uganda will take a 15% equity stake in every company as well as enter into a profit sharing agreement. This model has been employed by Barrick Gold and other mining companies elsewhere in East Africa. In January 2020, Barrick Gold and the Tanzania government signed a profit sharing agreement that set the template for such negotiations elsewhere in Africa. Investors and host countries alike have embraced this model as a win-win.
In Africa, morethan 24 countries engage in gold production. According to EXX Africa Insight's 2020 special report, 22 countries in Africa accounted for 22% of gold mined globally.
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