Mining, Finance leaders chart sustainable growth path at 14th Mineral Wealth Conference
Kampala, Uganda | THE INEDEPENDENT | Uganda’s mining sector took center stage this week as government officials, financiers, and industry players gathered at the Kampala Serena Hotel for the 14th Annual Mineral Wealth Conference.
The two-day meeting, organized by the Uganda Chamber of Energy and Minerals in collaboration with the Ministry of Energy and Mineral Development and other partners, was held under the theme: “Sustainable Mineral Development Through Collaboration, Innovation, and Green Transitions: Unlocking Potential for a Resilient Future.”
With I&M Bank Uganda as a key partner, the conference featured exhibitions, supplier development sessions, and presentations by local and international speakers, all focused on the future of sustainable mineral development and investment.
Energy Minister Ruth Nankabirwa said Uganda is making strides in mineral value addition as part of its industrialization agenda.
“Uganda is blessed with gold, copper, iron ore, lithium, cobalt, graphite, rare earths, and a dynamic youthful population. With abundant energy and fertile land, we are positioned to grow our economy tenfold by 2040, through industrialisation, value addition, and strategic partnerships,” she said.
Nankabirwa pointed to the launch of Uganda’s first tin smelting and refining plant in April 2024 by Woodcross in Ruti, Mbarara, which has capacity to process more than 1,000 tonnes annually. She also highlighted the discovery of 99.95% pure silicon dioxide at Kome Islands, with strong potential for industrial use, and the Wagagai Gold Mine Refinery’s production of 99.9% pure gold.
“Uganda National Mining Company is now fully up and running, Kilembe Mines [has been] brought back to life through a Production Sharing Agreement, and new steel and cement plants are already in place to meet the growing construction demand,” she added.
At the heart of discussions was the role of finance in supporting Uganda’s green transition.
During an exclusive CEO’s breakfast hosted by the minister, I&M Bank CEO Robin Bairstow said sustainability is now integral to the industry’s future.
“As we look to the future, green financing is no longer optional. It is essential for building a mining industry that is both competitive and sustainable,” Bairstow said. “At I&M Bank, we are committed to supporting investments that align with environmental goals while creating long-term value for businesses and communities.”
On the second day, Sam Ntulume, Executive Director and Chief Operations Officer at I&M Bank, led a panel on financing mining and value addition.
“It’s very clear for Uganda that minerals, crude oil, petroleum, and other resources are key sectors we are focusing on to boost economic development,” Ntulume said. “As financial institutions, we have complied with the new capital requirements and are well capitalized. The institutions represented here are prepared to support this sector by providing the necessary financing solutions to help businesses thrive, develop the sector, and ultimately grow the country.”
Uganda Chamber of Energy and Mines Chairperson Aggrey Ashaba stressed that financial institutions play a critical role in driving sustainability and value addition in the sector.
British High Commissioner Lisa Chesney MBE praised Uganda’s collaborative approach, saying strong partnerships between Uganda and the UK, especially in finance, would be vital in unlocking new opportunities.
Annette Nakiyaga, I&M Bank’s Head of Marketing and Corporate Communications, emphasized the need to raise awareness of sustainable financing.
“Educating both the public and private sectors on the benefits of green finance is crucial,” she said. “At I&M Bank, we are dedicated to driving conversations that inspire responsible investment and long-term industry growth.”
As Uganda seeks to strengthen its position in Africa’s mineral landscape, participants agreed that collaboration between government, industry, and financial institutions will be essential to achieve sustainable growth.
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