London miners raise hopes in Kitgum

What the report says

The Independent Uganda, citing URN, reported on July 31 that London-listed Blencowe Resources has lifted the valuation of its Orom-Cross Graphite Project in Kitgum to US$1.254 billion, about Shs4.7 trillion, after an updated Definitive Feasibility Study. The project, located in Orom East Sub-county, is being developed in Uganda through Consolidated Africa Resources Limited and is targeting construction and production from 2027.

According to the report, the updated study by CPC Engineering raised the project’s post-tax net present value by 15% from the December 2025 study, while keeping estimated capital needs at US$170 million. Blencowe projects US$4.466 billion in post-tax cash flow over the mine’s life, average yearly output of 108,000 tonnes of graphite concentrate, and annual EBITDA of US$333 million. The company linked the improved outlook to larger resources, refined mine planning, processing plans, offtake deals and graphite demand outside China.

The Independent said JORC-compliant resources have risen to 64.3 million tonnes grading 6.04% total graphitic carbon, with mineable reserves at 23.08 million tonnes. Blencowe also reported new high-grade deposits at Beehive and Iyan, while saying only 2% of the licence area has been explored. Plans include a beneficiation plant at Orom and a battery-grade graphite processing plant in Angagura, Pader District.

The report noted possible local benefits, including jobs, procurement, roads, electricity links and scholarships, but residents in Kitgum urged the company and government to prioritise nearby communities. The project also has international backing, including a US$5 million technical assistance grant from the U.S. International Development Finance Corporation and selection under the EU-backed SAFELOOP programme.