Blencowe Chief Executive Quits Over Share Dealing at Uganda’s First Graphite Mine
UGANDA · MINING
Key Facts
- —What happened Blencowe Resources chief executive Mike Ralston resigned with immediate effect on 14 September 2026.
- —Why He notified the board on 12 September of historical matters concerning disclosure of his own share dealings.
- —What followed On 16 September the company said it would not retain him as a consultant.
- —What he loses All of Ralston’s performance shares and share options have lapsed.
- —Who leads now Chief operating officer Iain Wearing is running the Orom-Cross project.
- —What the project needs About US$45 million for a first phase and US$125 million for a second, US$170 million in total.
A chief executive gone in three days, and a project that still needs one hundred and seventy million dollars.
Mike Ralston has resigned as chief executive of Blencowe Resources, the company developing what would be Uganda’s first commercial graphite mine. He stepped down with immediate effect on 14 September 2026.
What the Company Disclosed
Mike Ralston notified the Blencowe Resources board on 12 September 2026 of historical matters concerning the disclosure of his own share dealings. He resigned two days later with immediate effect.
Directors of listed companies must declare their trades in their own company’s shares within set deadlines. The rules exist so that other shareholders can see when insiders buy or sell.
What the Board Did Next
On 16 September the company said it would not engage Ralston as a consultant. It also confirmed that all of his performance shares and share options had lapsed.
Both decisions go further than a straightforward departure. A board that declines a consultancy and cancels an incentive package is putting distance between itself and the outgoing executive.
Who Is Running the Project
Chief operating officer Iain Wearing now leads work on Orom-Cross. He was already responsible for the project’s operational side.
Continuity at the operating level matters more than the title at the top for a project still in development. The site work does not stop because a chief executive leaves.
What Orom-Cross Is
Orom-Cross in northern Uganda would be the country’s first commercial graphite mine. Graphite is used in refractory materials, in lubricants and in the anodes of lithium-ion batteries.
The plan runs in two phases. A first phase would produce 20,000 tonnes of concentrate a year, and a second would take that up to 70,000 tonnes.
The Money Still to Be Raised
Blencowe puts the first phase at about US$45 million and the second at about US$125 million. That is US$170 million in total.
An earlier study in 2022 put initial capital at about US$62 million. That figure has since been superseded and should not be compared directly with the current numbers.
Why a Governance Question Costs Money Here
A company raising nine figures for a first mine sells its management as much as its orebody. Investors funding a development project are backing the people who will build it.
A disclosure failure at the top does not change the geology. It does change the conversation in the room when the company next asks for money.
The Timetable
Blencowe has targeted first production in 2027. That target has not been revised since the resignation.
Development timetables at this stage depend almost entirely on financing. A target set before a funding package is agreed is an intention rather than a schedule.
An Older Dispute at District Level
In December 2023 the Kitgum District Council moved to suspend operations at the site after a motion by councillor Charles Oryem. The motion alleged a lack of transparency and unclear community arrangements.
That dispute is nearly three years old and no current source reports it as live. We include it because it is part of the project’s record, not because it is happening now.
What Uganda Would Gain
A first commercial graphite mine would give Uganda a foothold in a mineral tied to battery manufacturing. It would also create a mining sector where the country has almost none.
Whether that translates into local processing is a separate question. In January 2023 the company was approved to send 100 tonnes of bulk samples to a Chinese processor for testing.
What Is Not Yet Known
The company has not described the specific disclosure failures beyond calling them historical. Nor has it said whether any regulator is examining them.
It has also not named a permanent chief executive or published a revised funding timetable. Both will matter more to the project than the departure itself.
What to Watch
Whether a permanent chief executive is appointed from inside or outside the company. That choice signals how the board reads the problem.
Watch also for the next financing announcement. It is the clearest test of whether investors have taken the governance question seriously.
More: Africa news and analysis, every day from The Rio Times.
Frequently Asked Questions
Who resigned?
Mike Ralston, chief executive of Blencowe Resources, with immediate effect on 14 September 2026.
Why did he resign?
Over historical matters concerning the disclosure of his own share dealings, which he raised with the board on 12 September.
Who is leading the project now?
Chief operating officer Iain Wearing.
What is Orom-Cross?
A graphite project in northern Uganda that would be the country’s first commercial graphite mine.
How much funding does it need?
About US$45 million for phase one and US$125 million for phase two, US$170 million in total.
When is first production planned?
The company has targeted 2027. That target has not been revised since the resignation.
Sources: Blencowe Resources regulatory announcements of 14 and 16 September 2026; Ecofin Agency and mining press reporting, 17 September 2026.
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