The foundation for UNMC was laid through the Mining and Minerals Act, 2022, which reformed Uganda’s mining legal framework to align with the country’s industrialization and value-addition agenda. Among its provisions, the Act created the requirement for a state mining company to manage the Government’s commercial interests in mineral resources.

Following this legal framework, the Government of Uganda, through the Ministry of Energy and Mineral Development and the Ministry of Finance, Planning and Economic Development, initiated the process of setting up the Company. UNMC was formally registered in 2024 as the State-owned enterprise mandated to:

• Manage State participation in mining projects (including the statutory 15% free carried interest in medium and large-scale licenses).
• Develop joint ventures and strategic partnerships in mining and mineral value addition.
• Oversee beneficiation, mineral trading, and the establishment of buying centers.
• Support Uganda’s broader goals under Vision 2040 and the National Development Plan IV (NDP IV).

Today, UNMC stands as the vehicle through which the State participates in Uganda’s mining sector, ensuring that mineral wealth directly contributes to sustainable economic growth and industrial transformation.