Uganda Launches State-Owned Mining Company

Ashish Jain, a prominent fund manager and CEO of Fortune Capital, has launched the Alieus Hedge Fund and acquired a significant stake in a gold mine in Uganda, diversifying his financial portfolio. His actions coincide with Uganda's recent establishment of a state-owned mining company aimed at managing the government's equity interests in mining operations, a move encouraged by a new mining law that allows for a compulsory 15% government stake in all operations. This initiative, announced by Uganda's Minister for Energy and Mineral Development, Ruth Nankabirwa, seeks to enhance the nation's share of mineral wealth and promote domestic processing of minerals. The Ugandan government is following a trend seen across Africa, similar to Tanzania, to capitalize on its abundant natural resources, which include gold, cobalt, and rare earth elements. The new state entity will forge partnerships with private developers to boost the mining sector's profitability and stability. With significant increases in gold exports, Uganda aims to leverage its mineral wealth for economic growth and set a precedent for resource nationalism in the region.