RAY OF HOPE! Prominent Businessman Sanjay Tanna Sworn In As Chair Board of Directors Kilembe Mines Ltd

The Kilembe Mines Limited (KML) new board members chaired by Hon. Sanjay Tanna were inaugurated after being sworn in on Wednesday at the Ministry of Finance, Planning and Economic Development headquarters in Kampala.

At the ceremony, Evelyn Anite Kajik, the State Minister of Finance for Investment and Privatization together with Peter Lokeris, Minister of State for Mineral Development described members of the new KML board as ‘high calibre’ and pledged to support them in their oversight role.

“We as the ministries shall give you all the support you need so that you can do your work of providing the platform for redevelopment of KML,” said Anite.

The new board members include; Hon.Sanjay Tanna (board chairman) while Atwoki Gilbert Mujogya, Ruth Sengonzi, Semitala Nobert, Eric Chandiga and Hon. Loice Bira Bwambale are Board Members.

The members were asked by the outgoing board chairman to revive Kilembe to its lost glory.

The company has been marred by low revenues, debts, court cases and lack of requisite investment by the government.

The ministers assured both outgoing and incoming board members that the government is ready to support the new board to improve revenue and bring in an investor to improve the mines.

Lokeris cited improved copper and cobalt prices on the world market.

Eng. Pauline Irene Batebe, Permanent Secretary Ministry of Energy & Mineral Development expressed readiness for full support to the new board.

In his acceptance speech, Sanjay Tanna pledged to consult the old board and the ministry officials to revamp the various revenue sources and make it attractive for the investors to put in money and make a value for money proposition.

Sanjay is a famous Entrepreneur, Social worker and Former Member of Parliament (2006-2016). At the tender age of 13, while at Kitante Primary School, Sanjay Tanna was introduced to petty trading; little did he know that he was starting a journey that would make him a multi-millionaire trader and one of the current leading businessmen in the country.

Located in Kasese district, at the foot of the great Rwenzori Mountain ranges and copper mineralization in the Rwenzori Mountains, Kilembe Mines is Uganda’s largest copper mine, with estimated deposits of copper in excess of 4,000,000 tonnes and an undetermined amount of cobalt ore.

In addition, there are approximately 2,800 acres (1,100 ha)of unexplored acreage at the site.

The coppermine was doing well until Idi Amin expelled the management in 1977 and nationalized the mine.

The firm collapsed in 1982 as the Ugandans who were put in charge of the new parastatal, Kilembe Mines Ltd, did not have the required expertise to run it.

The new hope returned after the Minister of Energy and Mineral Development, Ruth Nankabirwa Ssentamu and Minister of State for Privatisation and Investment, Evelyn Anite early this year unveiled plans for redevelopment of Kilembe Mines. Ministers said the redevelopment will have a catalytic effect of facilitating industrialization, offer significant employment opportunities for Ugandans, and increase revenue.

With the new vibrant board leadership, several  competent companies are expected to express their interest in partnering with the government through a Mineral Production Sharing Agreement (MPSA).

The restoration of the mines to an attractive state, and the process of procuring an investor is a significant step to achieve this goal, according to the government according to Tanna.

The mineral wealth of Kilembe Mines has unmatched potential and it has known reserves and resources of copper in ore and tailings. It has potential for cobalt, copper, and associated base metals within the mining lease and exploration licence areas.

Copper and Cobalt are critical minerals in making clean energy technologies for the current global transition to clean energy. The current price of copper is between $ 10,000 and $ 10,500 per tonne.