Financing, not discovery, is Uganda’s real mining challenge

What the report says

Uganda Business News says Uganda’s mining sector is facing a financing challenge more than a geology problem. In an opinion piece tied to the launch of the 15th Annual Mineral Wealth Conference & Expo at the Uganda Media Centre in Kampala, the outlet argues that the country already has significant mineral potential, but needs long-term capital, infrastructure and policy support to turn deposits into broad-based economic gains.

The article cites recent geological surveys indicating commercially viable deposits of more than 50 mineral commodities and estimates of untapped mineral wealth ranging from $4tn to $12tn. It says the key task is to move beyond exploration and extraction into processing, refining, logistics, energy supply and manufacturing. The piece also notes that Uganda’s Mining and Minerals Act, 2022, and ongoing mapping and reforms are meant to improve investor confidence and transparency.

John Tumwine, Stanbic Bank Uganda’s executive vice-president for public sector, corporate and investment banking, is presented as a central voice in this argument. The article says banks can help structure transactions, reduce risk and connect local projects to international finance, with Stanbic already involved in initiatives such as the Makuutu Rare Earth Project. It also stresses environmental, social and governance standards as a commercial requirement for investors.

The report adds that more than 500,000 Ugandans work in artisanal and small-scale mining, suggesting that better access to finance and business support could formalize and expand this segment. More broadly, the piece frames Uganda’s mineral sector as a possible driver of jobs, exports and industrial development if government, banks, miners and development partners coordinate effectively.