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Uganda Gold Deposits of 31 Million Tons Discovered

SayMyName

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Surveys in Uganda have led to the discovery of approximately 31 million tons of gold ore deposits, with values of extractable gold estimated at $12.8 trillion.

Uganda's Ministry of Energy and Mineral Development has licensed Wagagai Corporation of China to begin extraction and processing later this year.

The potential this wealth presents towards the continued development of the continent could prove significant.

Your thoughts?

Uganda Discovers 31 Million Tons of Gold Ore

Recent exploration surveys have revealed 31 million tons of gold ore deposits, currently valued at $12.8 trillion in Uganda.
energycapitalpower.com
 

Looks like the USA may need to "liberate" Uganda soon?
 
SayMyName said:
The potential this wealth presents towards the continued development of the continent could prove significant.

Your thoughts?
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That's wishful thinking. Most of the wealth with flow to corporate shareholders in the West and Ugandan workers will be paid **** all to extract their resources from their land.
 
spud_meister said:
That's wishful thinking. Most of the wealth with flow to corporate shareholders in the West and Ugandan workers will be paid **** all to extract their resources from their land.
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Will natives be allowed to mine What type of mining will be prominent, plaicer mining, open pit, tunnels, hard rock? A mix?
How stable is Uganda’s government? That will be crucial.
 
Great, a country who has adopted "kill the gays" politics is greatly empowered. I wonder how this will affect gold prices. Estimates are there have been 187,000 metric tons of gold extracted and 57,000 million remaining in the ground, ,mostly from China, Australia, and South Africa, this seems to add about 50% more in the ground. It seems hard to believe more gold than all the gold known in the world was just found in a country? Why only 1% extractable?
 
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spud_meister said:
That's wishful thinking. Most of the wealth with flow to corporate shareholders in the West
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Read the OP again. A Chinese company is extracting the gold.


spud_meister said:
and Ugandan workers will be paid **** all to extract their resources from their land.
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That is, if the Chinese company doesn't use Chinese citizens to do the work.
 
Roadvirus said:
Makes sense. Why subject Chinese citizens to shitty conditions when you can endanger the lives of expendable locals for slave wages.
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You're not entirely wrong. I'd like to see slave wages become a thing of the past. You prepared to support union organization in Ugandan mines?
 
Roadvirus said:
Read the OP again. A Chinese company is extracting the gold.




That is, if the Chinese company doesn't use Chinese citizens to do the work.
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Labor conditions in China can unfortunately be worse than Uganda. People are kidding themselves if they think exploitation is purely a western phenomena.
 
A lot of Africa is very resource rich to the point that if Africans had their shit together with STEM fields and business-minded. They would easily surpass Europe on wealth and quality of life. But, Africans are used to a very different culture that is not readily accepted in Europe. Therefore, this wealth that Africa has will always not be available to Africans because they won't work for it. They will continue to depend on others to do things for them and this will always lead them to being 'poor' and destitute for a continent with so much wealth.
 
spud_meister said:
That's wishful thinking. Most of the wealth with flow to corporate shareholders in the West and Ugandan workers will be paid **** all to extract their resources from their land.
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That is unfortunately a serious possibility. Ugandans better start agitating for openensess and how this windfall is distributed
 
Roadvirus said:
That is, if the Chinese company doesn't use Chinese citizens to do the work.
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That is something Ugandan citizens better start agitating against. European companies can be sued in western courts, I am not sure where you sue Chinese companies
 


The above sounds like too much overgeneralisations. Its more the Africans at street level powerless against corrupt governments. But then those corrupt governments are also propped by outsiders who get a big cut from exploiting the continent
 
Juin said:
The above sounds like too much overgeneralisations. Its more the Africans at street level powerless against corrupt governments. But then those corrupt governments are also propped by outsiders who get a big cut from exploiting the continent
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Literally what I just said. But, again, you are probably 'white'. So you wouldn't get outside cultures and the dynamics. Might sound like an 'overgeneralization' but that is because you are 'white'.
 
slavablueberryjam said:
Literally what I just said. But, again, you are probably 'white'. So you wouldn't get outside cultures and the dynamics. Might sound like an 'overgeneralization' but that is because you are 'white'.
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I do not see what colour has to do with what are basic human challenges. Europeans had challenges as well. After the fall of the Roman Empire Europe sunk into the Dark Ages, and sat there for hundreds of years. In the early to mid of 2nd Century CE Europeans started working on the challenges and made rapid and good progress. Swathes of Asia and America face same challenges as Africa. African countries in the main have been independent only since roundabouts 60s from colonialsm; enough time to f*ck up everything.

I dont think colour has anything to do with it
 
What will this do to the price of gold. There is only 6 billion dollars in gold in Fort Knox. Are they seeking investors? Sounds like a scam. 2022 date on article, gold should be falling like a stone.

  • The total value of all gold ever mined, and accounted for, would exceed $7.5 trillion at the current valuation (using WGC 2017 estimates).
 
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Has nothing to do with 'color', but everything to do with culture. Which is what I am saying. You are unaware of how other cultures work.
 
instagramsci said:
You're not entirely wrong. I'd like to see slave wages become a thing of the past. You prepared to support union organization in Ugandan mines?
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The Chinese would put it down faster (and probably harsher) then the old Pinkertons.
 
Juin said:
That is unfortunately a serious possibility. Ugandans better start agitating for openensess and how this windfall is distributed
Click to expand...

I'm sure it'll be fairly distributed amongst China's puppets in the Ugandan gov't.
 
Roadvirus said:
The Chinese would put it down faster (and probably harsher) then the old Pinkertons.
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Is that the nature of the Chinese people, the chinese government, or the relationship between owners and workers that would be the cause of putting down unionizing?
 
Isn’t Uganda the country who recently passed harsh anti gay laws?
 
All will go down Museveni's pockets.
 
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