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Uganda's premier hails Chinese investment in mining sector

Xinhua, June 26, 2015 Adjust font size:

Uganda's Prime Minister, Ruhakana Rugunda on Friday hailed a move by China's local government body, Shandong Provincial Bureau of Geology and Mineral Resources with some Chinese mining companies to invest in the East African country's mining sector.

Rugunda told the visiting delegation that the move would strengthen the bilateral relations, address youth unemployment and poverty.

"We are happy Shandong has come here to explore the potential in the country's mining sector. It's a strong sector but not developed. Let's make sure the potential of this sector is fully exploited. We shall get more revenue than in oil," said Rugunda.

"We are happy you are bringing the technology and we have the minerals. You are investing in a friendly country and it will go a long way in strengthening the existing bilateral relationship between the two countries. Investment is the medicine to unemployment and poverty in Uganda," he said.

Hou Xinwen, Chief Executive Officer of Shandong Provincial Bureau of Geology and Mineral Resources told the premier that they are in Uganda on a four day visit to explore available opportunities in the mining sector.

"Uganda is rich in minerals. We are here to explore the available opportunities in the mining sector and developed it fully," said Xinwen, who is also the head of the delegation.

The firm Shandong mineral resources corporation is targeting to build a national central mineral laboratory, do mineral exploration among others.

Shandong mineral resources corporation whose revenue in 2014 was over 1 billion U.S. dollars has presence in Namibia, Democratic Republic of Congo, Chile and Australia in the field of exploration and investments in mining. Endi