Uganda is planning to establish and list a conglomerate or a special purpose vehicle of specific mining companies on the international capital market to raise funds to support the mining sector.

The details are contained in the 2024/25 Budget Call Conference, which comes on the back of a commitment in February, in which, government indicated it would form a national mining company, in fulfilment of the Mining and Mineral Act 2022.

“Government will establish a conglomerate of specific companies in the mineral sector and then form a special purpose vehicle that is owned 100 percent,” the Budget Call Conference reads in part, noting this will help in attracting capital and sufficient technology to invest in a sector that is highly capital intensive.

Details also indicate that the special purpose vehicle will be the holding company, through which government will hire international specialised concessions to manage the mining sector, sell some equity to strategic investors, and acquire required capital through leasing.

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