Recent statements by Solomon Muita from the Ministry of Mining and Energy of Uganda that gold deposits with a total volume of about 31 million tons were discovered in "different regions" of the country caused great surprise and doubt among experts.
This news really could become a sensation. However, according to the US Geological Survey (USGS), the world's unmined gold reserves are about 54,000 tons.
A major German internet portal recently reported that 31 million tons of gold had been found in Uganda, which could make Uganda the world's largest gold producer.
To the layman, it sounds like there will soon be an abundance of gold, given that for the whole of 2020, the precious metal was mined just 3,300 tons worldwide. From the beginning of mankind until the end of 2021, a total of only 205.238 tons were mined (data: Refinitiv GFMS, Metals Focus).
But no matter how spectacular such headlines may seem to attract readers, the devil, as always, lies in the details: after all, gold occurs in nature in various forms: in solid form or bound in ore rock. This is exactly what happens in Uganda, and therein lies the catch of sensational news that is not always correctly reproduced in the media.
Since we are not talking about 31 million tons of gold, but about gold ore, experts have very serious doubts about the indicated amount of gold.
For information: about 1 gram of gold can be extracted from the ore rock per ton of ore mined (0.001% gold content per ton). Thus, 31 million tons of ore with this gold grade will have a maximum gold grade of 310 tons. Therefore, Uganda will be able to produce less gold in reality than some media reported in the pursuit of sensation.