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5 comments

[–] PMYA 2 points (+2|-0)

Muyita said Wagagai, a Chinese company, had set up a mine in Busia in eastern Uganda and was expected to start production this year.

this seems like a massive massive mistake tbh, if they really do have that much they should be doing it themselves.

[–] CDanger 1 points (+1|-0)

Third world countries aren't exactly known for their competence, but they are known for their corruption. Unfortunately their incompetence sometimes also gets in the way of their corruption; if they figured out to manage things responsibly, they could embezzle even more money.

Here would be an even better plan. Hand over control of all of this to Norway to set up a sovereign wealth fund. Make the terms that Norway collects 20% of all withdrawals. Sit back and grow rich as the responsible Norwegians run things and make good decisions and also grow more rich themselves.

[–] Dii_Casses [OP] 2 points (+2|-0)

Muyita said an estimated 320,158 tonnes of refined gold could be extracted from the 31 million tonnes of ore.

For reference, the USGS says that humanity has discovered only 244,000 metric tons before now.

[–] xyzzy 0 points (+0|-0)

Kinda plausible, since there isn't really much gold. But still very likely overexagerated:

it wants to attract big investors

Sure, lure them in with false expectations and have them invest; correct your expectations after they spent the moneys.