Uganda to borrow UGX 84 Billion for Mineral Exploration

Posted: 2019-05-28T11:49:37Z
Uganda to borrow UGX 84 Billion for Mineral Exploration

20,622,435 million Euros (approximately Shillings 84billion) will be borrowed from the Corporate Internationalization Fund of Spain for Mineral exploration after receiving approval from Cabinet.

Government spokesperson, Ofwono Opondo, says the money will be used to finance airborne geological and geophysical survey mapping in Karamoja and the decision was reached by cabinet at State House Entebbe on Monday.   

Opondo told journalists this morning that the project will enable Government complete the airborne geophysical map of the country to establish the available mineral resources in the country especially in Karamoja region. 

The project is also intended to improve livelihoods for mining communities as a result of better returns from their activities. Government department and universities will also benefit from the mineral data to facilitate research. 

Opondo says the project will also improve the technologies of artisanal and small scale miners through providing better mining equipment.