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Uganda grants Rwenzori Rare Metals 21-Year license for Makuutu Rare Earth Project

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Minister Ruth Nankabirwa. Photo via @NankabirwaRS

Kampala, Uganda | THE INDEPENDENT | A significant milestone was reached in Uganda’s resource exploration journey with the granting of a 21-year mining license for the Makuutu rare earth project to Rwenzori Rare Metals Limited. This landmark agreement, signed on December 28, 2023, marks the first large-scale mining license issued under the country’s new Mining and Minerals Law of 2022 and holds the potential to unlock substantial economic benefits for both the company and the nation.

The official handover of the license saw Energy and Minerals Development Minister Ruth Nankabirwa present the document to Rwenzori Rare Metals CEO Warren Tregurtha. Minister Nankabirwa hailed the agreement as “the first step in developing one of the world’s heavy rare earth element assets,” highlighting the project’s potential to position Uganda as a key player in this critical sector.

The Makuutu project is not only expected to generate substantial revenue for the Ugandan government through royalties and taxes but also holds immense promise for the local communities in the Busoga region, where the mine is located.

Minister Nankabirwa emphasized this aspect, stating: “This project should be supported all through… the people of Busoga will receive royalties, and they will be able to change their lives,”

The post Uganda grants Rwenzori Rare Metals 21-Year license for Makuutu Rare Earth Project appeared first on The Independent Uganda:.

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