Uganda has emerged as one of Africa’s fastest-growing gold exporters after earning a record US$5.8 billion (about Shs21.1 trillion) from gold exports in the year ending November 2025, according to the Bank of Uganda.
The milestone firmly places gold at the centre of Uganda’s mineral economy and highlights a major shift from exporting raw minerals to refining, value addition and direct participation in global bullion markets.
Uganda is richly endowed with minerals such as coltan, tantalite, copper, diamonds, silver, limestone, uranium and marble. Major mineral belts stretch across Busia, Buhweju, Mubende, Kassanda, Karamoja and West Nile, providing the foundation for the country’s growing mining industry.
Driving this transformation is a new wave of miners, refiners and traders operating across artisanal mining, industrial extraction, refining and international trade. Their combined efforts are steadily reshaping Uganda’s role in Africa’s mineral value chain.
Benard Feni: Leading Local Refining and Global Trade
One of the standout figures in Uganda’s gold sector is Benard Feni, founder and chief executive officer of Eurogold Refinery Uganda, the country’s first wholly Ugandan-owned gold refinery.
Based in Arua City, Feni established Eurogold with government support to curb illegal gold exports and promote domestic value addition. Under his leadership, the refinery has achieved 99.9 per cent gold purity, meeting international standards for export.
Eurogold has since expanded globally, opening its main offices in Dubai, the world’s leading gold trading hub. This move has given the company direct access to international buyers and bullion markets, placing Feni among Uganda’s most globally connected gold exporters.
Beyond gold refining, Feni also runs Aureum Minerals & Resource International, Zoe Finance, and the Mungu Feni Foundation, which focuses on community development and youth empowerment. His approach blends commercial success with ethical sourcing and social impact.
Other Key Industry Players
David Ushindi, head of Kibali Gold Mining Company, oversees mining operations across Uganda and the Democratic Republic of Congo, strengthening cross-border production and efficiency.
Nari Patel, who leads East Coast Minerals Uganda Ltd, has played a key role in formalising mineral supply chains, with a strong focus on traceability to meet global market requirements.
Allan Agumya, Managing Director of Rusla Mining & Minerals Ltd and Chairman of Miners’ Forum Uganda, has over 13 years of experience and is a leading voice in policy engagement and responsible mining.
Sam Akatuhumuza, who manages operations at Gold Mine Ltd, represents the sector’s move towards professional mining, with an emphasis on compliance, quality control and efficiency.
John Bosco Mugarura, popularly known as Poshu Poshu, is a prominent artisanal miner and dealer in Karamoja’s Moroto area. He operates an ore-crushing mill, enabling value addition at the community level.
Moses Masagazi and Gertrude Njuba, owners of AUC Mining Uganda Limited, operate large mines in Kassanda North County, Mubende District. Despite past disputes with artisanal miners, their operations have boosted employment and helped turn Mubende into a major gold-producing hub.
Michael Robinson, President and CEO of Simba Gold Refinery Limited, represents increasing foreign-linked refinery investment. Simba has been refining and exporting Ugandan gold since late 2024.
Global Demand Fuels Growth
Uganda’s gold export surge comes amid strong global demand, driven by geopolitical tensions, inflation and increased central bank purchases. Gold prices reached record highs entering 2026, reinforcing its status as a safe-haven asset.
