Thursday, October 28, 2010

All that glitters IS gold

Yuri Bogoroditsky, a Russian business man, aims to make Uganda's gold market a domestic product through his refinery in Kampala. Mr. Bogoroditsky's " wants to make Uganda a legitimate player in the gold industry," and sees his refinery as the path to legitimacy. Gold deposits have recently been discovered in Uganda, and the discovery was made with remarkable timing. Most of the gold filtering through the Ugandan gold market came from the Congo, making it a "conflict mineral." As such, the Congolese government banned minning in the war-torn east. Mr. Bogoroditsky's refinery had previously depended on ore from the Congo. With the newly discovered gold deposits in Uganda, Bogoroditsky expressed his hope that Uganda could become a major player in the international gold maket.

-Caleb B. Ray

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