Sunday, 29 April 2012

PRESS RELEASE: President meets British entrepreneur over Gold, Oil mining prospects

President Yoweri Museveni has said Uganda has a lot of potential in almost all sectors of the economy but lacks entrepreneurship skills and capital to go into successful large scale production.

“We have worked on the infrastructure; we have worked on the markets with our country now accessing markets in the region; in Africa through COMESA; USA, China and India. We also have raw materials and labour is easy to skill,” he said.

President Museveni was today meeting Hon. Nathaniel Philip Victor James Rothschild a British-born financier and a scion of the prominent Rothschild family in the United Kingdom at State House in Entebbe.

Hon. Rothschild who was accompanied by the Speaker of Parliament Hon. Rebecca Kadaga and Ambassador Etuket from the Ministry of Foreign Affairs was introduced to Uganda by a Ugandan born entrepreneur and career accountant Henry Baisi currently based in the United Kingdom.

Rothschild who is a director in the Gold mining firm African Barrick Gold plc (ABG) a company listed on the London Stock Exchange that owns gold mines and exploration properties in Africa, said they are looking at confirming the existing of Gold mines in Uganda across from Tanzania where they are already involved in gold mining.

‘We are looking for projects and have actively done some on the mineralogy of Uganda. We look at opportunities of the growth of national resource and try to build a local business that is designed and built locally using foreign capital,” he said.

African Barrick holds a 73.9% equity interest in ABG. Barrick’s equity interest in 2011 production was 509,000 million ounces of gold at total cash costs of $692 per ounce1. In 2012, we expect equity gold production (reflecting our 73.9% ownership of ABG) to be in the range of 500,000-535,000 million ounces. Total gold cash costs are expected to be $790-$860 per ounce1.

Rothschild who is also the Chairman of JNR Limited, an investment advisory business primarily focused on emerging markets and the metals, mining and resources sector said his company would like to create collateral wealth for Ugandans through a national oil company to broaden the participation of all Ugandans on oil and also maximize the retention of value of oil for all Ugandans.

President Museveni commended Speaker Kadaga for attracting such investors interested in changing the lives of the local people. The meeting was also attended by the State Minister for Foreign Affairs Asuman Kiyiingi.

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