WINDFALL! UK Mining Firm Blencowe Strike Shs4.7Trn Graphite Jackpot in Kitgum, Putting Uganda at the Heart of the Global EV Battery Industry
Thousands of residents in Kitgum and neighbouring districts could benefit from increased employment, business opportunities and infrastructure development after London-listed mining company Blencowe Resources raised the value of its Orom-Cross Graphite Project to US$1.254 billion (about Shs4.7 trillion) following an updated Definitive Feasibility Study.
The Orom-Cross Graphite Project is a major potential world-class graphite deposit located in the Kitgum District of northern Uganda, managed by Blencowe Resources. It holds an estimated 2 to 3 billion tons of total graphite content near the surface, aiming to become Uganda s first commercial graphite mine with targeted production beginning around 2027.
The revised valuation strengthens the commercial prospects of the graphite mine in Orom East Sub-county and is expected to improve the project s ability to attract financing ahead of construction and production, which is targeted to begin in 2027.
Prepared by Australian engineering firm CPC Engineering, the updated feasibility study increased the project s post-tax Net Present Value by 15% compared to the original study of December 2025.
According to Blencowe s July 2026 project report, the mine is expected to generate US$4.466 billion in post-tax cash flow over its lifespan while maintaining its capital requirement at US$170 million. The study projects average annual production of 108,000 tonnes of graphite concentrate and annual EBITDA of US$333 million.
Blencowe attributed the stronger financial outlook to expanded graphite resources, improved mine planning, downstream processing, new offtake agreements and demand for graphite outside China.
Project now significantly de-risked, the company said, noting that the updated study incorporates revised prices, increased reserves, new products and updated operating costs.
The revised valuation follows a significant increase in the project s mineral inventory. JORC-compliant graphite resources have increased by 168 per cent to 64.3 million tonnes grading 6.04 per cent Total Graphitic Carbon (TGC), while mineable reserves have risen by 47 per cent to 23.08 million tonnes grading 5.18 per cent TGC after the 2025 drilling programme.
The company also announced discovery of two new high-grade deposits, Beehive and Iyan. Only 2% of the licence area is so far explored, leaving considerable potential for further resource expansion.
Dan Michael Komakech, Communications and Public Relations Officer at Consolidated Africa Resources Limited (CARL), which is implementing the project in Uganda, said the latest drilling confirmed the deposit is substantially larger than previously estimated.