Uganda’s East African Gold to ring in New Year with listing

Elizabeth Fournier
GOLD miner East African Gold yesterday announced its plans to list on London’s Alternative Investment Market (Aim), becoming the first Ugandan-focused company to seek a London flotation.

East African Gold, which was formed in September 2011 and holds more than 800 square miles of exploration licences in northern Uganda, said its shares will begin trading in January.

“Uganda is a minerologically prospective, politically stable country with an appealing tax regime,” said East African Gold’s chief executive Tom Sawyer. “Its government has overseen a period of strong growth in the country and is in favour of developing the mining sector.”

The firm said that initial explorations in Uganda have found four sites that have been deemed “highly prospective”, with concentrations of gold up to 83.6 grammes per tonne. Uganda borders several gold-rich countries, and the firm expects the trends seen in Tanzania, the DRC and Kenya to continue into their exploration areas.

“We are very excited about this stage of the company’s development and look forward to working alongside London’s investment community to develop the first notable gold deposit in the country,” added Sawyer.