Uganda's mineral inventory is broad: gold, copper, cobalt, iron ore, rare earths, phosphates, limestone, vermiculite, graphite, tin and tungsten. The list has been broadly known for decades. What separates the producing deposits from the dormant ones is rarely geology.
Haulage economics
For bulk minerals, transport can exceed the value of the material over surprisingly short distances. Muko iron ore and Moroto limestone are both constrained by road condition more than by grade.
Power
Processing is where value is captured and processing needs reliable electricity at an industrial tariff. Several licensed operators run on diesel generation, which quietly rules out any energy-intensive beneficiation step.
Border friction
For producers in the west and south west, the practical export route runs through neighbouring countries. Clearance delays at border posts fall hardest on small consignments, which is precisely what formalising artisanal producers ship.
The unsexy conclusion
A grading programme on three haul corridors and two substation upgrades would unlock more mineral value than the next round of exploration incentives. It is a harder announcement to make and a better use of money.