Business

Mbabazi: Gov’t To Revoke Licenses For Dormant Iron Ore Investors

Mbabazi congratulated the steel industry for heavily investing in Uganda which is a true reflection of the confidence they have in the country and the NRM Government.

Mbabazi made the remarks on Thursday at Roofings Rolling Mills in Namanve industrial and Business Park where he was conducted on a guided tour of the factory under the final stages of construction by the group chairman and Managing Director, Sikander Lalani.

“I assure you that your investment is welcome and we will make it possible for you to be competitive in the products you produce,” Mbabazi said.

The Premier called for investment in the exploration of iron ore in the country, adding that Government is evaluating the licenses of investors in the sector to ensure that only those with capacity to exploit the deposits are certified.

He said those without the capacity to exploit the iron ore will have to relinquish their licenses to give potential investors an opportunity to engage in exploration.

Mbabazi also said Government is currently investing in the energy sector to increase energy from the current 725MW to 3885MW by 2016 including, hydro power, and thermal and other power sources.

The Premier revealed that proposals are under consideration to review the capacity of Karuma dam when constructed from the projected 600MW to 1200MW.

Lalani in his remarks expressed gratitude to Government for the support adding that roofing rolling mills with an investment of 120 million dollars will be the largest steel manufacturer in the region with the most modern technology.

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