Kenya secures various mining investment deals
Kenya has announced it has secured significant investment deals in Kenya, aiming to bolster the country’s mining industry and manufacturing sector.
The Head of State William Ruto revealed the report during the commissioning of the clinker plant in West Pokot County and said these investments align with his strategy to boost Kenya’s mining industry, create job opportunities, and reduce poverty and hunger. He highlighted the importance of utilizing Kenya’s resources to increase exports and revenues.
Scope of deal
These investments include a Ksh4.5 billion into fluorspar mining operations in West Pokot County. If actualized, the material may be used locally or exported to make various items such as insulating foams, gasoline, aluminium, refrigerants and steel among others. Another investor committed Ksh5.8 billion to establish a gold refinery in Kakamega County. This investment comes after the discovery of gold deposits in Siaya County, estimated to be worth Ksh1 trillion.
A third investor will invest Ksh2.5 billion to set up a granite factory in Vihiga County. Granite is utilized for countertops, floors, monuments, construction, sculptures, tombstones, and sinks due to its strength, durability, and attractive appearance.
President Ruto also mentioned plans to establish six more special economic zones across the country. He attributed the Finance Act of 2023 to the goal of making Kenya a leading manufacturer of goods, reducing reliance on imports.
President Ruto pledged to ensure steady growth in the manufacturing industry throughout his tenure. He also emphasized the significance of the commissioning of the clinker plant in West Pokot County, stating that it would contribute to reducing importation and making cement production more affordable.
