Uganda set up UNMC to manage the state’s commercial interests, including exploration and mining where private entities are unwilling. Government views the mineral sector as a central to the country’s sustainable development and aims for the sector to contribute at least 7 percent of the economy’s GDP by 2040.
This report digs into Uganda’s plan to kick-start its UNMC and emphasizes the importance of having a clear funding model based on realistic plan, budget, and assessment of opportunity costs, which helps ensure that public funds are allocated judiciously and effectively.
Several key lessons are drawn from global experiences of other National Mining Companies (NMCs) that include the importance of defining a clear and limited mandate, maintaining a focused commercial role either managing the state’s equity in mines or undertaking exploration and mining activities where private sector is lacking, among others.
For further details, the Report can be accessed via the link below: