Presided over by Energy and Mineral Development Minister Hon. Ruth Nankabirwa Ssentamu and State Minister for Minerals Hon. Phiona Nyamutoro, the launch of Uganda’s third licensed gold refinery, Euro Gold Refinery (U) SMC Ltd, was hailed as a strategic leap forward in formalizing the gold sector and shifting Uganda from a raw exporter to a refined mineral powerhouse.
“Today, together with Minister Nyamutoro, we officially opened Euro Gold Refinery (U) SMC Ltd in Kampala,” Nankabirwa posted on X. “This milestone strengthens our minerals sector through value addition, job creation, formalized trade and increased revenue.”
The Kampala-based refinery is fully licensed to refine, trade, and export gold. It already holds a 79.8 square kilometer mining concession in Yumbe District, reinforcing its upstream integration within Uganda’s gold value chain.
Speaking at the event, Nankabirwa linked the launch to Uganda’s Vision 2040 targets of growing GDP from $50 billion to $500 billion through industrialization.
“We are ready for responsible mineral beneficiation. Refineries like Euro Gold reaffirm our commitment to transparency, industrialization, and attracting credible investors for sustainable growth in our mining industry.”
State Minister Nyamutoro emphasized inclusive participation: “Euro Gold is a fully Ugandan-owned company making strides in achieving our policy of processed mineral export. The Ministry shall support wider citizen involvement in mineral benefaction.”
Currently, over 400,000 Ugandans work in artisanal and small-scale mining, with nearly 2 million relying on it indirectly. The refinery offers a regulated and transparent space for gold trade, promising to sideline the informal and often exploitative gold networks.
Euro Gold Refinery is also expected to support the Bank of Uganda’s Domestic Gold Purchase Programme, enabling the central bank to buy refined gold locally and boost the country’s foreign reserves.
At the event, Director Bernard Feni and the Euro Gold team presented refined samples to the ministers, showcasing their technical capacity and commitment to international standards.
The refinery’s launch signals Uganda’s broader ambition to take control of its mineral wealth, moving toward a structured and economically empowering extractive sector.
