A Chinese firm is to Invest over $700m in Sukulu Phosphate Mines in Tororo.
Guangzhou Dong Song Energy Group made the announcement after receiving the mining license lease from government.
The revelation was made during the presentation of its draft feasibility study to the Ministry of Energy and Mineral Development.
According to Fred Kabagambe Kalisa the Permanent Secretary of the Ministry, exploration work has proved that there exists economically viable minerals like phosphate, iron ore estimated at 20 million tons.
The production of phosphate is expected to boost the agricultural sector with provision of cheap fertilizers while iron ore will be used in the steel industry expected to be officially commissioned next month.