President Yoweri Kaguta Museveni has directed the Ministries of Science and Energy to collaborate with Dr. Luisa Moreno, an expert in finance, business development, and technical research in the Technology, Mining, and Metals industries.
He made the call during a joint meeting held on June 15, at State Lodge, Nakasero, to outline actionable strategies for enhancing Uganda’s mineral sector.
The president revealed that the team will focus on optimizing mineral exploration and developing actionable plans for industrial growth.
He gave the team an eight-week deadline to integrate the strategy with the ministries and develop an implementable proposal.
President Museveni reiterated the significant financial losses and missed job opportunities from exporting raw materials without processing. He noted substantial value increases when minerals are refined, such as copper increasing in value from $1,350 per tonne to $5,800 when processed into blister-cathode, and bauxite jumping from $45 to $1,800 when refined.
President Museveni highlighted his long-standing vision of large-scale industrialization and an integrated, self-sustaining economy. He emphasized the importance of producing what is consumed and consuming what is produced to create a robust and independent economy.
Dr. Moreno stressed the potential economic benefits of value addition, citing the dramatic price increase of lithium from $8,700 per tonne in 2018 to $80,000 per tonne recently due to the demand for electric vehicles.
She emphasized the importance of enhancing steel production and consumption in Africa, noting that the continent currently produces only 1% and consumes 2% of the global steel output.
She further revealed a Comprehensive three-Phase plan that includes the assessment phase, action plan phase and value addition.
Dr. Moreno noted that she has already traveled extensively across Uganda, including Gulu, Kabale, Ntungamo, and Karamoja, to assess the mineral and value addition sectors to gain a thorough understanding of the challenges and issues on the ground.
She proposed a detailed action plan for implementing her recommendations, including assembling a team of geologists for exploration and mining efforts.
She further stated the development of Africa’s metal market industry through strategic policies and investments, focusing on enhancing steel production and consumption, increasing the use of tantalum in electronics manufacturing, and diversifying material imports to include copper and zinc.
The meeting was also attended by Hon. Dr. Monica Musenero, the Minister of Science, Technology, and Innovation, among others.
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