IBOV 173,371.35 ▼ 0.20% IPSA 10,896.87 ▲ 0.10% IPC MEX 66,125.27 ▼ 0.74% MERVAL 3,223,652 ▲ 0.74% COLCAP 2,298.34 — 0.00% BVL PERÚ 55,645.90 — — USD/BRL5.08▼ 0.17% USD/MXN17.39▼ 0.22% USD/CLP933.60▼ 0.15% USD/COP3,254▼ 0.44% USD/PEN3.39▲ 0.10% USD/ARS1,481▼ 0.03% USD/UYU40.19▲ 1.43% USD/PYG6,031▲ 1.52% USD/BOB10.75▲ 2.22% USD/DOP58.25▲ 0.02% USD/CRC447.35▲ 1.43% USD/GTQ7.62▲ 2.33% USD/HNL26.74▲ 1.61% USD/NIO36.62▲ 0.84% USD/VES735.39▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.59— 0.00% USD/TTD6.73▲ 1.11% EUR/BRL5.80▼ 0.89% BRENT 88.62 ▼ 0.67% WTI 82.22 ▼ 1.21% IRON ORE 161.91 — — COPPER 6.49 ▲ 3.02% GOLD 4,076 ▲ 1.64% SILVER 59.33 ▲ 4.45% SOY 1,227 ▲ 0.06% CORN 472.50 ▲ 5.12% WHEAT 672.25 ▼ 0.26% COFFEE 308.70 ▼ 6.01% SUGAR 14.91 ▲ 0.61% ORANGE JUICE 146.90 ▲ 6.30% COTTON 79.87 ▲ 3.23% COCOA 5,664 ▲ 2.37% BEEF 223.30 ▼ 0.50% CATTLE 346.78 ▲ 0.24% LITHIUM 66.92 ▼ 2.14% PETR4 41.15 ▲ 0.61% VALE3 71.93 ▼ 1.38% ITUB4 42.30 ▲ 0.81% BBDC4 18.41 ▲ 0.66% ABEV3 15.79 ▲ 1.02% BBAS3 20.17 ▼ 1.56% B3SA3 15.26 ▲ 0.39% WEGE3 43.13 ▼ 1.15% PRIO3 57.69 ▼ 0.28% SUZB3 41.89 ▼ 0.10% RENT3 37.49 ▼ 1.94% AZZA3 18.17 ▼ 2.26% CSAN3 3.82 ▼ 0.52% RAIZ4 0.27 ▼ 6.90% PCAR3 2.60 — 0.00% GMAT3 3.85 ▼ 0.77% PSSA3 54.20 ▼ 1.70% CVCB3 1.08 ▼ 11.48% POSI3 3.70 ▼ 2.63% SLCE3 13.57 ▲ 0.30% NATU3 8.63 ▲ 0.94% BRKM5 5.94 ▼ 4.04% RANI3 7.99 ▲ 0.50% CSNA3 5.07 ▲ 0.40% CMIN3 5.39 ▲ 1.13% USIM5 8.16 ▼ 0.85% GGBR4 23.62 ▼ 1.75% ENEV3 25.65 ▼ 0.12% CPFE3 46.32 ▼ 1.17% CMIG4 11.02 ▼ 0.90% EQTL3 39.29 ▼ 0.53% LREN3 13.31 ▼ 0.82% VIVT3 35.67 ▲ 0.42% RAIL3 13.57 ▼ 0.95% KLABIN 17.48 ▼ 0.57% RAIA DROGASIL 18.69 ▲ 0.75% RDOR3 35.45 ▼ 0.92% HAPV3 11.55 ▲ 1.49% FLRY3 16.56 ▼ 0.18% SMTO3 15.41 ▼ 0.26% UGPA3 31.70 ▼ 1.15% VBBR3 34.11 ▼ 2.32% BBSE3 41.05 ▼ 0.17% BPAC11 55.84 ▼ 0.61% CURY3 30.19 ▼ 1.57% AERI3 2.07 ▲ 2.48% VIVARA 21.96 ▼ 2.14% COMPASS 24.60 ▼ 1.13% VAMOS 3.09 ▼ 2.52% SANB11 27.01 ▲ 1.35% ASAI3 8.14 ▼ 4.24% SBSP3 28.98 ▼ 0.82% WALMEX 49.38 ▼ 0.22% GMEXICO 201.45 ▲ 0.42% FEMSA 226.85 ▲ 0.49% CEMEX 21.81 ▼ 4.05% GFNORTE 180.00 ▼ 0.74% BIMBO 59.31 ▲ 2.26% TELEVISA 9.71 ▲ 1.46% AMX 22.74 ▼ 1.13% GAP 378.19 ▼ 2.02% ASUR 274.37 ▼ 1.91% OMA 226.42 ▼ 1.82% KOF 180.95 ▲ 0.11% GRUMA 287.60 ▲ 0.39% KIMBER 38.39 ▼ 0.72% SQM-B 63,400 ▼ 3.13% COPEC 6,345 ▲ 1.53% BSANTANDER 78.90 ▲ 2.47% FALABELLA 5,850 ▲ 0.26% ENELAM 84.67 ▲ 0.75% CENCOSUD 2,005 ▲ 0.50% CMPC 1,088 ▲ 1.68% BANCO CHILE 189.95 ▲ 0.77% LATAM AIR 24.36 ▼ 1.62% YPF 79,200 ▲ 1.67% GGAL 7,845 ▼ 0.19% PAMPA 5,270 ▲ 1.93% TXAR 675.00 ▲ 1.66% ALUAR 959.50 ▲ 1.05% TGS 9,500 ▲ 1.39% CEPU 2,289 ▲ 1.10% MIRGOR 17,125 ▲ 1.48% COME 42.95 ▼ 2.03% LOMA NEGRA 3,558 ▲ 0.99% BYMA 294.50 ▼ 1.09% TELECOM ARG 4,145 ▼ 0.12% ECOPETROL 16.04 ▼ 0.34% BANCOLOMBIA 80.82 ▲ 0.51% GRUPO AVAL 4.95 ▲ 0.61% CREDICORP 386.85 ▼ 0.96% SOUTHERN COPPER 175.07 ▲ 1.50% BUENAVENTURA 30.06 ▼ 0.60% MERCADOLIBRE 1,832 ▲ 1.02% NUBANK 13.99 ▲ 2.94% XP 16.80 ▲ 0.78% PAGSEGURO 9.29 ▲ 2.77% STONE 11.12 ▼ 0.27% GLOBANT 32.29 ▲ 0.19% TECNOGLASS 46.11 ▼ 0.80% GAP AIRPORT 217.12 ▼ 1.72% ASUR 274.37 ▼ 1.91% OMA AIRPORT 104.01 ▼ 1.23% AMX ADR 26.10 ▼ 0.65% FEMSA ADR 130.01 ▲ 0.77% CEMEX ADR 12.49 ▼ 3.70% PETROBRAS ADR 18.19 ▲ 1.22% VALE ADR 14.10 ▼ 0.63% ITAU ADR 8.32 ▲ 1.46% SANTANDER BR 5.38 ▲ 2.67% AMBEV ADR 3.08 ▲ 1.65% CSN 1.01 ▲ 2.02% GERDAU 4.68 ▼ 0.85% LATAM ADR 51.74 ▼ 1.56% BTC 66,168 ▲ 1.44% ETH 1,935 ▲ 1.62% SOL 78.57 ▲ 1.00% XRP 1.13 ▲ 2.03% BNB 576.42 ▲ 1.00% ADA 0.18 ▲ 3.54% DOGE 0.07 ▲ 1.43% AVAX 6.67 ▲ 1.43% LINK 8.73 ▲ 1.66% DOT 0.86 ▲ 3.49% LTC 47.54 ▲ 0.43% BCH 223.65 ▲ 1.70% TRX 0.33 ▼ 0.05% XLM 0.19 ▲ 1.37% HBAR 0.07 ▲ 1.09% NEAR 2.02 ▲ 1.99% ATOM 1.51 ▲ 0.87% AAVE 94.62 ▲ 5.40% SELIC 14.25% EMBRAER 83.29 ▲ 1.88% EMBRAER ADR 65.93 ▲ 2.87% JBS 12.03 ▲ 1.01% JBS BDR 60.79 ▲ 0.98% MBRF3 14.52 ▼ 3.39% MBRFY 2.91 — 0.00% INTER 5.62 ▲ 4.66% EGX 53,614 ▲ 0.92% USD/ZAR16.43▼ 0.62% USD/NGN 1,376 — 0.00% NIKKEI 66,232 ▲ 3.26% CSI300 4,739 ▲ 3.06% HSI 25,185 ▲ 0.17% NIFTY 24,152 ▼ 0.36% KOSPI 6,748 ▲ 3.56% JCI 6,332 ▲ 1.60% USD/JPY162.61▲ 0.07% USD/CNY6.77— 0.00% DAX 24,874 ▲ 0.11% CAC 8,349 ▲ 0.11% FTSE 10,502 ▼ 0.22% MIB 52,087 ▲ 0.43% IBEX 19,255 ▲ 0.25% STOXX 640.45 ▲ 0.13% EUR/USD1.14▲ 0.09% GBP/USD1.34▼ 0.04% SPX 7,443 ▼ 0.19% DJI 51,839 ▼ 0.59% NDX 28,604 ▲ 0.04% RUT 2,942 ▼ 0.67% TSX 34,960 ▼ 0.86% VIX 18.65 — 0.00% USD/CAD1.41▼ 0.04% US10Y 4.5980 ▲ 1.26% IBOV 173,371.35 ▼ 0.20% IPSA 10,896.87 ▲ 0.10% IPC MEX 66,125.27 ▼ 0.74% MERVAL 3,223,652 ▲ 0.74% COLCAP 2,298.34 — 0.00% BVL PERÚ 55,645.90 — — USD/BRL 5.08 ▼ 0.17% USD/MXN 17.39 ▼ 0.22% USD/CLP 933.60 ▼ 0.15% USD/COP 3,254 ▼ 0.44% USD/PEN 3.39 ▲ 0.10% USD/ARS 1,481 ▼ 0.03% USD/UYU 40.19 ▼ 0.10% USD/PYG 6,031 ▲ 1.52% USD/BOB 10.75 ▲ 2.22% USD/DOP 58.25 ▲ 0.02% USD/CRC 447.35 ▲ 1.43% USD/GTQ 7.62 ▲ 2.33% USD/HNL 26.74 ▲ 1.61% USD/NIO 36.62 ▲ 0.84% USD/VES 735.39 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.59 ▲ 0.60% USD/TTD 6.73 ▲ 1.11% EUR/BRL 5.80 ▼ 0.89% BRENT 88.62 ▼ 0.67% WTI 82.22 ▼ 1.21% IRON ORE 161.91 — — COPPER 6.49 ▲ 3.02% GOLD 4,076 ▲ 1.64% SILVER 59.33 ▲ 4.45% SOY 1,227 ▲ 0.06% CORN 472.50 ▲ 5.12% WHEAT 672.25 ▼ 0.26% COFFEE 308.70 ▼ 6.01% SUGAR 14.91 ▲ 0.61% ORANGE JUICE 146.90 ▲ 6.30% COTTON 79.87 ▲ 3.23% COCOA 5,664 ▲ 2.37% BEEF 223.30 ▼ 0.50% CATTLE 346.78 ▲ 0.24% LITHIUM 66.92 ▼ 2.14% PETR4 41.15 ▲ 0.61% VALE3 71.93 ▼ 1.38% ITUB4 42.30 ▲ 0.81% BBDC4 18.41 ▲ 0.66% ABEV3 15.79 ▲ 1.02% BBAS3 20.17 ▼ 1.56% B3SA3 15.26 ▲ 0.39% WEGE3 43.13 ▼ 1.15% PRIO3 57.69 ▼ 0.28% SUZB3 41.89 ▼ 0.10% RENT3 37.49 ▼ 1.94% AZZA3 18.17 ▼ 2.26% CSAN3 3.82 ▼ 0.52% RAIZ4 0.27 ▼ 6.90% PCAR3 2.60 — 0.00% GMAT3 3.85 ▼ 0.77% PSSA3 54.20 ▼ 1.70% CVCB3 1.08 ▼ 11.48% POSI3 3.70 ▼ 2.63% SLCE3 13.57 ▲ 0.30% NATU3 8.63 ▲ 0.94% BRKM5 5.94 ▼ 4.04% RANI3 7.99 ▲ 0.50% CSNA3 5.07 ▲ 0.40% CMIN3 5.39 ▲ 1.13% USIM5 8.16 ▼ 0.85% GGBR4 23.62 ▼ 1.75% ENEV3 25.65 ▼ 0.12% CPFE3 46.32 ▼ 1.17% CMIG4 11.02 ▼ 0.90% EQTL3 39.29 ▼ 0.53% LREN3 13.31 ▼ 0.82% VIVT3 35.67 ▲ 0.42% RAIL3 13.57 ▼ 0.95% KLABIN 17.48 ▼ 0.57% RAIA DROGASIL 18.69 ▲ 0.75% RDOR3 35.45 ▼ 0.92% HAPV3 11.55 ▲ 1.49% FLRY3 16.56 ▼ 0.18% SMTO3 15.41 ▼ 0.26% UGPA3 31.70 ▼ 1.15% VBBR3 34.11 ▼ 2.32% BBSE3 41.05 ▼ 0.17% BPAC11 55.84 ▼ 0.61% CURY3 30.19 ▼ 1.57% AERI3 2.07 ▲ 2.48% VIVARA 21.96 ▼ 2.14% COMPASS 24.60 ▼ 1.13% VAMOS 3.09 ▼ 2.52% SANB11 27.01 ▲ 1.35% ASAI3 8.14 ▼ 4.24% SBSP3 28.98 ▼ 0.82% WALMEX 49.38 ▼ 0.22% GMEXICO 201.45 ▲ 0.42% FEMSA 226.85 ▲ 0.49% CEMEX 21.81 ▼ 4.05% GFNORTE 180.00 ▼ 0.74% BIMBO 59.31 ▲ 2.26% TELEVISA 9.71 ▲ 1.46% AMX 22.74 ▼ 1.13% GAP 378.19 ▼ 2.02% ASUR 274.37 ▼ 1.91% OMA 226.42 ▼ 1.82% KOF 180.95 ▲ 0.11% GRUMA 287.60 ▲ 0.39% KIMBER 38.39 ▼ 0.72% SQM-B 63,400 ▼ 3.13% COPEC 6,345 ▲ 1.53% BSANTANDER 78.90 ▲ 2.47% FALABELLA 5,850 ▲ 0.26% ENELAM 84.67 ▲ 0.75% CENCOSUD 2,005 ▲ 0.50% CMPC 1,088 ▲ 1.68% BANCO CHILE 189.95 ▲ 0.77% LATAM AIR 24.36 ▼ 1.62% YPF 79,200 ▲ 1.67% GGAL 7,845 ▼ 0.19% PAMPA 5,270 ▲ 1.93% TXAR 675.00 ▲ 1.66% ALUAR 959.50 ▲ 1.05% TGS 9,500 ▲ 1.39% CEPU 2,289 ▲ 1.10% MIRGOR 17,125 ▲ 1.48% COME 42.95 ▼ 2.03% LOMA NEGRA 3,558 ▲ 0.99% BYMA 294.50 ▼ 1.09% TELECOM ARG 4,145 ▼ 0.12% ECOPETROL 16.04 ▼ 0.34% BANCOLOMBIA 80.82 ▲ 0.51% GRUPO AVAL 4.95 ▲ 0.61% CREDICORP 386.85 ▼ 0.96% SOUTHERN COPPER 175.07 ▲ 1.50% BUENAVENTURA 30.06 ▼ 0.60% MERCADOLIBRE 1,832 ▲ 1.02% NUBANK 13.99 ▲ 2.94% XP 16.80 ▲ 0.78% PAGSEGURO 9.29 ▲ 2.77% STONE 11.12 ▼ 0.27% GLOBANT 32.29 ▲ 0.19% TECNOGLASS 46.11 ▼ 0.80% GAP AIRPORT 217.12 ▼ 1.72% ASUR 274.37 ▼ 1.91% OMA AIRPORT 104.01 ▼ 1.23% AMX ADR 26.10 ▼ 0.65% FEMSA ADR 130.01 ▲ 0.77% CEMEX ADR 12.49 ▼ 3.70% PETROBRAS ADR 18.19 ▲ 1.22% VALE ADR 14.10 ▼ 0.63% ITAU ADR 8.32 ▲ 1.46% SANTANDER BR 5.38 ▲ 2.67% AMBEV ADR 3.08 ▲ 1.65% CSN 1.01 ▲ 2.02% GERDAU 4.68 ▼ 0.85% LATAM ADR 51.74 ▼ 1.56% BTC 66,168 ▲ 1.44% ETH 1,935 ▲ 1.62% SOL 78.57 ▲ 1.00% XRP 1.13 ▲ 2.03% BNB 576.42 ▲ 1.00% ADA 0.18 ▲ 3.54% DOGE 0.07 ▲ 1.43% AVAX 6.67 ▲ 1.43% LINK 8.73 ▲ 1.66% DOT 0.86 ▲ 3.49% LTC 47.54 ▲ 0.43% BCH 223.65 ▲ 1.70% TRX 0.33 ▼ 0.05% XLM 0.19 ▲ 1.37% HBAR 0.07 ▲ 1.09% NEAR 2.02 ▲ 1.99% ATOM 1.51 ▲ 0.87% AAVE 94.62 ▲ 5.40% SELIC 14.25% EMBRAER 83.29 ▲ 1.88% EMBRAER ADR 65.93 ▲ 2.87% JBS 12.03 ▲ 1.01% JBS BDR 60.79 ▲ 0.98% MBRF3 14.52 ▼ 3.39% MBRFY 2.91 — 0.00% INTER 5.62 ▲ 4.66% EGX 53,614 ▲ 0.92% USD/ZAR 16.44 ▼ 0.35% USD/NGN 1,376 — 0.00% NIKKEI 66,232 ▲ 3.26% CSI300 4,739 ▲ 3.06% HSI 25,185 ▲ 0.17% NIFTY 24,152 ▼ 0.36% KOSPI 6,748 ▲ 3.56% JCI 6,332 ▲ 1.60% USD/JPY 162.60 ▲ 0.09% USD/CNY 6.7649 ▲ 0.11% DAX 24,874 ▲ 0.11% CAC 8,349 ▲ 0.11% FTSE 10,502 ▼ 0.22% MIB 52,087 ▲ 0.43% IBEX 19,255 ▲ 0.25% STOXX 640.45 ▲ 0.13% EUR/USD 1.1429 ▲ 0.13% GBP/USD 1.3447 ▲ 0.16% SPX 7,443 ▼ 0.19% DJI 51,839 ▼ 0.59% NDX 28,604 ▲ 0.04% RUT 2,942 ▼ 0.67% TSX 34,960 ▼ 0.86% VIX 18.65 — 0.00% USD/CAD 1.4062 ▼ 0.11% US10Y 4.5980 ▲ 1.26%
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Tuesday, July 21, 2026

Africa Central Africa

Uganda’s Military Strategy in DRC: The Gold Connection

By · December 26, 2024 · 2 min read

Africa Intelligence

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Uganda’s gold exports reached $2.3 billion in 2023, a tenfold increase from the previous year. This dramatic rise reflects a complex relationship between military operations and economic interests in the Democratic Republic of Congo (DRC).

Uganda’s military presence in eastern Congo began three years ago. Officials claim they target the Allied Democratic Forces (ADF), a group responsible for regional violence.

However, analysts argue that Uganda seeks to secure valuable mining sites and trade routes as well. The competition with Rwanda for control over gold resources drives much of Uganda‘s military strategy.

Jason Stearns from the Congo Research Group highlights this economic motivation behind military actions. Uganda’s military engagement serves dual purposes: combating terrorism and protecting its economic interests.

Reports indicate that the Ugandan People’s Defence Force (UPDF) facilitates gold smuggling operations, which complicates peacekeeping efforts. In 2021, Uganda produced only 2.9 tonnes of gold but exported over 30 tonnes.

Uganda's Military Strategy in DRC: The Gold Connection
Uganda’s Military Strategy in DRC: The Gold Connection. (Photo Internet reproduction)
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This significant discrepancy points to illicit trade practices fueling conflict in the region. Uganda’s investments in gold refining allow it to bypass DRC’s export taxes and logistical hurdles.

Despite claims of military success, the UPDF’s operations have led to increased violence and tensions among local armed groups. Reports show a rise in clashes involving Ugandan forces since their deployment in eastern Congo.

While Ugandan officials assert they restore peace, critics question whether their actions genuinely aim to stabilize the region or primarily serve economic ambitions. The ongoing conflict dynamics reveal complexities that extend beyond security concerns.

Understanding this interplay between military action and resource exploitation proves crucial for grasping Uganda’s role in eastern Congo.

As regional tensions persist, the narrative surrounding these operations highlights the challenges of balancing economic interests with genuine efforts for peace and stability.

Part of our ongoing coverage

Africa: The New Scramble — the great-power contest over the continent.

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