In a bold move to restore order and transparency in Uganda’s troubled gold industry, the government has officially commissioned the Euro Gold Refinery—marking a major leap toward cleaning up a sector long plagued by fraud, illegal exports, and lost revenue.
Strategically located on Katego Road in Kamwokya, Kampala, the new facility is owned by local entrepreneur Feni Benard, with financial backing from investors in the United Kingdom, United Arab Emirates, and India. It has already gained recognition from the government as the first officially sanctioned gold refinery in Uganda.
What sets Euro Gold Refinery apart is its direct engagement with artisanal and small-scale miners in key gold-producing regions like Busia, Karamoja, Buhweju, Kassanda, and West Nile.
These miners will now have access to a formal, credible marketplace that offers fair value for their gold and guarantees transparency in trade.
At the launch ceremony, Energy and Mineral Development Minister Dr. Ruth Nankabirwa Ssentamu underscored the refinery’s importance in reshaping Uganda’s mineral landscape.
“This facility provides an opportunity to formalize the gold sector, curb fraud, and ensure Uganda earns what it deserves from its mineral wealth,” she said.
She further urged the refinery to prioritize workforce development and closely collaborate with the Bank of Uganda, which launched the Domestic Gold Purchase Programme in 2024 to increase the country’s gold reserves through local refined acquisitions.
The refinery’s unveiling comes at a time when Uganda’s gold sector has come under intense scrutiny for irregularities. In early 2025, police revealed a wave of gold scams targeting foreign investors.
According to Beata Chelimo, Deputy Director at the Criminal Investigations Directorate, the schemes had grown into complex syndicates involving both Ugandans and foreigners, with at least 24 security officers implicated.
Adding to the concern, the 2024 Auditor General’s report exposed the illegal export of gold worth $3.014 billion (Shs 11 trillion), all conducted without required permits, in direct violation of national mining laws.
President Yoweri Museveni has long pushed for value addition in Uganda’s mining industry, signing into law the Mining and Minerals Bill in 2021 to ban the export of unprocessed minerals.
He reiterated this vision in his 2022 State of the Nation Address, revealing that Uganda had discovered up to 31 million metric tonnes of gold, with 320,000 metric tonnes of pure extractable gold estimated at $12.8 trillion.
Feni Benard, Director of Euro Gold Refinery, said the facility is built on principles of fairness, international best practices, and environmental sustainability.
“Our refinery is approved by the London Bullion Market Association (LBMA), meaning we meet international standards for refining and trading gold and silver bars. We want to empower small-scale miners by giving them fair value for their gold while promoting sustainable and environmentally friendly practices,” he noted.
Beyond refining, the facility offers a broad suite of services smelting, assaying, mineral trade facilitation, and consultancy while maintaining active partnerships with miners across Uganda and the Democratic Republic of Congo.
The company is fully licensed to refine and deal in minerals, and its ambitions extend beyond processing: it now holds a 79.8 square kilometer mining concession in Yumbe District and exploration licenses in Karamoja.
The timing of this refinery’s launch could not be more critical. In the 12 months leading up to February 2025, gold overtook traditional exports, accounting for 37% of Uganda’s export revenue. By June 2024, the country had exported $3.09 billion (Shs 11.7 trillion) worth of gold, representing nearly half of all non-coffee export earnings.
The establishment of Euro Gold Refinery is expected to plug revenue leaks, deter fraud, and increase tax collection key components of Uganda’s broader strategy to turn mining into a powerhouse for national development.
“Gold has the potential to change Uganda’s economic fortunes if managed well,” said Dr. Nankabirwa. “This refinery will ensure that the days of unscrupulous dealers and illegal exports are behind us.”
