Uganda’s ambition to harness its mineral wealth for national development received a major boost this week with the official launch of Euro Gold Refinery (U) SMC Ltd, the country’s third licensed gold refinery.
The facility was inaugurated by the Minister of Energy and Mineral Development, Hon. Ruth Nankabirwa Ssentamu, and the State Minister for Minerals, Hon. Phiona Nyamutoro, in a high-profile event.
“Today, together with Minister Nyamutoro, we officially opened Euro Gold Refinery (U) SMC Ltd in Kampala,” Minister Nankabirwa posted on X (formerly Twitter).
“One of only three licensed gold refineries in Uganda, this milestone strengthens our minerals sector through value addition, job creation, formalized trade and increased revenue.”
The launch marks a significant milestone in Uganda’s long-term plan to shift from exporting raw minerals to refined products that generate more value and revenue. The Euro Gold Refinery operates under full regulatory compliance. It has already secured a 79.8 square kilometer gold mining concession in Yumbe District and is licensed to trade, refine, and export gold.
Minister Nankabirwa emphasized that such facilities are central to Uganda’s Vision 2040, which aims to elevate the country’s GDP from approximately $50 billion to $500 billion through industrialization, beneficiation, and sustainable resource management.
“As a country, we are ready for responsible mineral beneficiation,” she added. “Refineries like Euro Gold reaffirm our commitment to transparency, industrialization, and attracting credible investors for sustainable growth in our mining industry.”
Her colleague, Hon. Phiona Nyamutoro, reinforced the message of inclusivity and empowerment.
“In the afternoon together with Hon Nankabirwa, we officially launched Euro Gold Refinery, a fully owned Ugandan company that is making great strides in ensuring our policy of value addition and export of processed minerals is achieved,” Nyamutoro wrote.
“The Ministry shall offer all the necessary support to see that many other citizens are directly involved in mineral benefaction.”
Currently, over 400,000 Ugandans are directly employed in artisanal and small-scale mining, with nearly 2 million depending on it indirectly. The refinery is expected to provide a safe, transparent, and regulated platform for these miners to sell their gold – offering an alternative to the often exploitative and illicit networks dominating the informal sector. The Euro Gold Refinery is also expected to align with the Bank of Uganda’s Domestic Gold Purchase Programme, which will allow the central bank to buy refined gold locally, strengthening Uganda’s foreign reserves.
At the launch, the refinery’s technical team led by Bernard Feni, the Director of Euro Gold, presented Minister Nankabirwa with finely crafted samples of refined gold -a symbolic gesture of appreciation for her ministry’s support and a testament to the refinery’s commitment to excellence and innovation.
As Uganda moves to take greater control over its mineral resources, the launch of Euro Gold Refinery signals a shift toward a more structured, patriotic, and economically rewarding minerals sector.
