Economy Huge veiny shaft found in Africa

[ElKarlo]

Realistically it's going to be exploited by a world power. I hope it's us rather than China.

Well a mining corp will def be involved. Only a few international ones that are capable of it.

 

[PrinceOfPain]

I've also noticed that ol' Blinken's come to South Africa to try and kiss some ass and earn our loyalty in the midst of the US' faceoff with Russia.

It makes me chuckle a bit that so many here on Sherdog thought I was talking out of my ass when I pointed out that - despite being a bit of a shithole - we're quite a bit more important than dippy little European nations like either Finland and Sweden.

 

[Cuauhtemoc]

I doubt it's worth that much. They did find some gold, sure, but it's mostly hype to attract foreign investors.

 

[idrankyourbeer]

I read the title wrong, thought it was something else. lol

Reading the thread

title I thought this was going to be something mysterious, like an unexplained shaft created by an advanced unknown civilization.

i was just walking through uganda the other day and i seen this cute chick walking down the street in her thong bikini. had to be a perfect 10/10 in sherdog standards. sorry guys, i couldn't contain my arousal.

 

[irish_thug]

I read the title wrong

I don't think you did

 

[woodguyatl]

Article states a Chinese company is going to take care of production. It also says the government will have a 15% stake in mining operations.

I can't tell from the article if the government will own the mine and the Chinese company is just taking care of day to day operations, which would mean the government owns all the gold or if the Chinese company will own the mined gold.

Typically the government reatains ownership of the mine and gets, in this case, 15% of mined gold. A Chinese company will sign a long term ooeratinf agreent in which they keep 85% in return for making all development and operations investments.

 

[I Am Legion]

I am pretty sure that the decimal points are way off. I am also sure that not all of it will be mineable. That being said, why would Ugandans give 85% of the mined gold to China?

 

[NoSmilez]

China is already in Uganda. I think they pissed off the locals though. They married a bunch of their wimmen.

 

[MicroBrew]

Typically the government reatains ownership of the mine and gets, in this case, 15% of mined gold. A Chinese company will sign a long term ooeratinf agreent in which they keep 85% in return for making all development and operations investments.

If so that is a shitty deal. They should do what the UAE does with oil, own all of it and just pay foreign companies to build refineries and foreign professionals to help run the refineries.

 

[Prutfis]

Isn´t China already active in Uganda with their debt trap "help"?

 

[Belaya Smert]

Their own government will live in opulence while the common people get paid meagerly to mine it.

 

[Zazen]

This can't be right? Can it? So this finding is worth two-thirds of the entire GDP of the world's most powerful economy?

 

[The_Renaissance]

I am pretty sure that the decimal points are way off. I am also sure that not all of it will be mineable. That being said, why would Ugandans give 85% of the mined gold to China?

I'd imagine as 'payback' for any infrastructure China has endowed them with. China do this all over the world, enter a poor country, build them infrastructure, forever in their debt.

 

[Aluminati]

Uganda be kidding me.

 

[fedorthegoat777]

Even if it is half that size, gold values drop.

Price of my gram is going down.

 

[Crawler89]

be careful for who protects it

 

[Contempt]

Lmao this is why you can’t invest in gold. Bitcoin is the only true hard asset.

Property will never just implode and disappear to become nearly worthless like some crypto.

Look at the repeated massive crashes. You might as well go to a casino.

 

[Cirris]

If they found $13 trillion in gold in Uganda that shit is not worth $13 trillion anymore.

Correct, the 13 trillion is most likely the price at current commodity market rate. But if you flood the market with billions of ounces of gold. The market will crash hard. I.E. it's no longer worth $1800 an ounce.