The Ministry of Finance and Mining Uganda said on Tuesday that it was inviting investors who are interested in mining within and outside the county to revive a vast copper mine in the country’s west that also holds significant cobalt deposits.
The ministry made the disclosure in a joint statement, noting that the government was open to partnership with the private sector to revive mining.
“We have invited companies to express their interest in partnering with the government through a mineral production sharing agreement,”
“The redevelopment of Kilembe Mines will have a catalytic effect of facilitating industrialization, offer significant employment opportunities and increase revenue.”
The Kilembe Mines is Uganda’s largest copper mine, with estimated deposits of copper in excess of 4,000,000 tonnes and an undetermined amount of cobalt ore. In addition, there are approximately 2,800 acres (1,100 ha), of unexplored acreage at the site.
Since the beginning of 2022, the price of Copper has hit a record height and Ugandan President Yoweri Museveni is eager to expand the exploration of the country’s mineral wealth – which includes gold, base metals, uranium, rare piles of earth, iron, titanium, vermiculite, and diamonds – to help boost growth.
The mine began operations in 1950 and there are an estimated four million tonnes of copper ore beneath the mountains of Kilembe, located about 380 kilometers southwest of Kampala. The firm however collapsed in 1982 as the Ugandans who were put in charge of the new parastatal, Kilembe Mines Ltd, did not have the required expertise to run it.