President Yoweri Kaguta Museveni on Friday banned Kamuntu Iron Ore Investments from exporting iron ore from Rubanda to foreign countries.
Kamuntu iron ore investments is owned by the Rubanda West Member of Parliament Hon. Kamuntu Mwongyera Moses.
The President revealed this while addressing the youths at the National Youth Celebrations in Kabale district, at Kigezi High school lower play ground in Northern division where he was the chief guest.
The president accused Hon. Kamuntu for having sold his “Mbire” (matoke which they use to prepare local waragi), something the president said that Kamuntu is destroying his shandee, Rwagwa among others.
He challenged the legislator to leave the iron ore saying that the factory he (president) is going to bring for the people of Rubanda would lie idle should Kamuntu keep on taking all the money outside the country leaving Ugandans unemployed.
Museveni said that Kamuntu is given 47$per ton and each tone when changed to metals after adding their around 1.4 tones, one gets around 600-700$Museveni said that Kamuntu is making Uganda to have loss, unemployment and they should tell him to stop exporting the iron Ore.
Museveni further requested the state Minister for trade, industry and cooperatives Hon David Bahati to give an update about the investors who are ready to take up an iron ore factory in the district
