Kenya seeks funds to reform mining industry
The government of Kenya is seeking additional funds to reform the country’s mining industry. The Mining ministry is set to audit all mining licenses to ensure compliance with the Mining Act 2016. To make it possible, the ministry is seeking additional Ksh 1.3 billion in fiscal year 2023/23 from the current Ksh 1.9 billion.
The audit will include accelerating the completion of the airborne geophysical survey to map out the country’s extractive resources. The country also plans to increase the share of mining to 10pc of GDP from the current 1.2% as spelled out in vision 2030. In 2019, the government suspended the issuance of new mining permits until the new airborne survey is concluded. The ministry will also promote and formalize Artisanal and small-scale mining in a bid to create more jobs in rural areas.
Mining in Kenya
Mining in Kenya yields high-grade quantities of gold, copper, ilmenite and tantalum. Kenya is also an important source of non-metallic minerals including soda ash, limestone, salt, niobium, fluorspar and fossil fuels. However, according ministry of mining and Blue Economy, budgetary constraints are hindering the development of the mining industry in the country. Mining Committee Chairperson David Gikaria Gikaria also pointed out that the ministry loses billions of shillings through exploitation by unregulated investors.
