Uganda’s mining industry came under the spotlight this week, as local and international stakeholders and players gathered at the Kampala Serena Hotel for the 14th Annual Mineral Wealth Conference.
Organized by the Uganda Chamber of Energy and Minerals, in collaboration with the Ministry of Energy and Mineral Development, and other stakeholders, the two-day event, was held under the theme: “Sustainable Mineral Development Through Collaboration, Innovation, and Green Transitions: Unlocking Potential for a Resilient Future.”
The two-day conference, which had I&M Bank Uganda as a partner, explored opportunities in sustainable mineral development and investment. The conference featured diverse initiatives, activities, onsite supplier development engagements, exhibitions, and presentations, from global and local speakers.
Hon. Ruth Nankabirwa, the Minister of Energy and Mineral Development, stated that Uganda continues its march toward mineral value addition with key milestones.
“Uganda is blessed with gold, copper, iron ore, lithium, cobalt, graphite, rare earths, and a dynamic youthful population. With abundant energy and fertile land, we are positioned to grow our economy tenfold by 2040, through industrialisation, value addition, and strategic partnerships,” she said.
“Uganda launched its first tin smelting and refining plant in April 2024, owned by locally based company Woodcross, in Ruti, Mbarara. The plant has the capacity to process over 1,000 tonnes of tin annually, contributing significantly to Uganda’s value addition strategy,” she added, before highlighting the discovery of 99.95% pure silicon dioxide, at Kome Islands, indicating strong potential for local extraction and industrial use.
Additionally, the Wagagai Gold Mine Refinery is now capable of producing 99.9% pure gold, a significant step towards ending raw mineral exports.
Nankabirwa further pointed out that the mining sector is changing fast, with the Uganda National Mining Company now fully up and running, Kilembe Mines brought back to life- through a Production Sharing Agreement, and new steel and cement plants already in place to meet the growing construction demand.
At the heart of the discussions, was the finance sector’s role in supporting the mining industry’s green transition and unlocking its potential for a resilient future.
Hon. Nankabirwa hosted an exclusive CEO’s breakfast, that was attended by I&M Bank CEO- Robin Bairstow, and other industry leaders. The meeting focused on shaping the future of Uganda’s minerals sector.
“As we look to the future, green financing is no longer optional. It is essential for building a mining industry that is both competitive and sustainable,” Bairstow said. “At I&M Bank, we are committed to supporting investments that align with environmental goals while creating long-term value for businesses and communities.”
On day two, Sam Ntulume, the Executive Director and Chief Operations Officer at I&M Bank, led a high-level discussion on “Financing Mining and Mineral Value Addition.” The panel included fellow bankers, who explored practical approaches and shared recommendations to improve funding accessibility across the mining and processing sectors.
“It’s very clear for Uganda that minerals, crude oil, petroleum, and other resources are key sectors we are focusing on to boost economic development,” Ntulume said.
“As financial institutions, we have complied with the new capital requirements and are well capitalized. The institutions represented here are prepared to support this sector by providing the necessary financing solutions to help businesses thrive, develop the sector, and ultimately grow the country.”
Uganda Chamber of Energy and Mines Chairperson- Aggrey Ashaba, highlighted the critical role financial institutions play in driving growth in the mining sector, particularly through support for sustainability and value addition.
In her speech, British High Commissioner H.E. Lisa Chesney MBE, praised Uganda’s spirit of collaboration, highlighting that that strong partnerships between Uganda and UK, especially in finance, will be key to driving growth and unlocking new opportunities.
Annette Nakiyaga, Head of Marketing and Corporate Communications at I&M Bank Uganda, highlighted the growing awareness among investors about sustainable mining practices.
She noted, “Educating both the public and private sectors on the benefits of green finance is crucial. At I&M Bank, we are dedicated to driving conversations that inspire responsible investment and long-term industry growth.”
As Uganda positions itself as a key player in Africa’s mineral landscape, collaboration between the government, industry, and financial institutions will be essential.
