The Uganda Insurers Association (UIA) participated in the 15th Annual Mineral Wealth Conference and Expo, held at Speke Resort Munyonyo from 29th to 30th September, 2026. Organized by the Uganda Chamber of Energy & Mines (UCEM) under the theme "Beneath the Surface: Unlocking Africa’s Next Mining Powerhouse," the two-day conference brought together stakeholders from various sectors including mining, energy, finance and government, to discuss the state of mining and deliberate on how to unlock its full potential.

The conference saw insurance industry leaders participate in several key panel discussions, highlighting the role of insurance in de-risking mining investments, supporting operations and creating an enabling environment for sustainable growth across the mineral value chain.

Day One’s panel discussion on “Bankers, Bonds and Balance Sheets: Financing the Mine,” that was moderated by Mr. John Tumwine, Executive Vice President – Client Coverage, Public Sector at Stanbic Bank Uganda featured Old Mutual’s Acting Managing Director - Mr. Andrew Makumbi, who highlighted the critical role of insurance in supporting investment and managing risks within the mining sector.

Mr. Makumbi noted that risk remains a fundamental consideration and that insurance provides mechanisms through which businesses can protect themselves against potential losses. “In any industry, the primary concern is risk. As insurers, we have policy covers that can absorb these risks and provide protection across the mining value chain.” He further highlighted the importance of insurance covers for mining machinery, exploration activities, investor protection and injuries sustained by miners, noting that such solutions can help stakeholders navigate the various risks associated with mining operations.

The role of power in enabling mineral processing and value addition was also a key area of discussion, with UIA Chief Executive Officer - Mr. Jonan Kisakye, moderating a panel titled “Lights On, Machines Running: Powering the Mine Affordably.”

Mr. Kisakye noted that the availability, reliability and affordability of electricity remain critical to Uganda’s mineral processing ambitions. He highlighted the significant energy requirements associated with mining and mineral processing, noting that crushing and grinding alone can account for 25% - 50% of a mine site’s energy consumption, while producing a ton of steel through an electric arc furnace can require approximately 350–500 kWh.

He also pointed to the growth in Uganda’s electricity generation capacity, which has increased from approximately 850 MW in 2014 to more than 2,000 MW, representing progress in the country’s energy sector. The discussion examined whether Uganda’s power supply is sufficiently competitive and reliable to support large-scale mineral processing and value addition, while also considering alternative energy solutions that could help meet the needs of mining operations.

Day Two saw Prudential Uganda Chief Executive Officer - Mr. Tetteh Ayitevie moderate a panel discussion titled “From the Ground to the Market: Africa’s Critical Minerals Moment.” Mr. Ayitevie noted that Uganda is endowed with significant mineral resources, including rare earth elements, copper, cobalt, graphite and other strategic minerals, with several projects progressing towards production and value addition.

He emphasized that as mining activity expands, the insurance industry must continue developing appropriate policies and risk-management solutions capable of protecting workers, mining operations, equipment, communities and investments across the mineral value chain. The discussion further examined how Uganda and other African countries can move beyond the extraction of minerals to capture greater economic value through processing, manufacturing and other forms of value addition.

The insurance industry’s role in supporting mining investment was further discussed during an afternoon panel discussion sponsored by the Uganda Insurers Association, titled “Cover Your Risks: De-Risking the Mine, Insurance and Investment Confidence.”

Ms. Ritah Mutesi Kabayiza, Executive Director at Willis Towers Watson Uganda and Chairperson of the Insurance Brokers Association of Uganda (IBAU), highlighted the role of insurance in supporting the growth and sustainability of the mining sector.

Ms. Kabayiza noted that the insurance industry has dedicated mining sector teams that work closely with clients to understand and manage emerging risks. She also pointed to positive developments in the insurance market, including softening market conditions that are creating opportunities for broader coverage options.

She noted that evolving exposures, including flooding, continue to present challenges to the mining sector, emphasizing the importance of using data to better understand these risks. She encouraged mining companies to invest in geological assessments and other risk-mitigation measures to strengthen preparedness and resilience.

Ms. Kabayiza further called for closer collaboration between the mining and insurance sectors to develop solutions tailored to Uganda’s market, noting that the insurance sector has the capacity to provide appropriate risk-management solutions that can help de-risk mining investments and strengthen investor confidence.

The discussions at the 15th Annual Mineral Wealth Conference highlighted the interconnected role of finance, energy, insurance, technology, skills and infrastructure in unlocking the full potential of Uganda’s mineral resources. For the insurance industry, the conference provided an opportunity to reaffirm its role as a key partner in managing risks, protecting investments and supporting the sustainable development of Uganda’s mining and mineral value chain.