https://en.sputniknews.africa/20241015/kenya-restricts-export-of-raw-gold-to-promote-local-processing-official-says-1068690093.html
Kenya Restricts Export of Raw Gold to Promote Local Processing, Official Says
Kenya Restricts Export of Raw Gold to Promote Local Processing, Official Says
Sputnik Africa
Some African countries have implemented policies to restrict the export of raw gold and other minerals to encourage local processing and value addition. In... 15.10.2024, Sputnik Africa
2024-10-15T14:27+0200
2024-10-15T14:27+0200
2024-10-15T15:02+0200
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Kenya has started restricting the direct export of valuable minerals in their raw form, local news outlet Business Daily reported, citing the country's Principal Secretary for Mining, Elijah Mwangi. According to him, the construction of the gold and granite plants is projected to be completed by the middle of next year.He added that gold, gemstones, and granite will be the first batch of minerals to be exported from the processing plant after value addition.According to the officials cited by the local media, the gold refinery is a multibillion-shilling deal recently sealed between Kenya and a league of private investors. It will be situated in Kakamega and will cost Sh5.8 billion (more than $38 million), and a granite processing plant to be located in Vihiga County will reportedly cost Sh2.5 billion (more than $15 million).In another interview with the Business Daily, Mwangi emphasized that mining is a key manufacturing sector and a GDP multiplier in Kenya that increases national wealth, strengthens the balance of payments, is a massive employer, and generates rural incomes.Along with Kenya, other African countries are looking to process natural resources at home rather than exporting them. For example, Minister for Energy and Mineral Development of Uganda, Ruth Nankabirwa, said that her country established a state-owned mining company to manage the government's stake in all mining operations. The President of Zimbabwe, Emmerson Mnangagwa, also encourages business leaders to invest in infrastructure to add value to minerals, especially clean energy minerals like lithium, which is crucial for batteries and electric cars.
https://en.sputniknews.africa/20241005/burkina-faso-to-revoke-mining-permits-increase-its-own-gold-production-1068560958.html
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kenya, gold, economy, export, minerals, reserves, mining, east africa
kenya, gold, economy, export, minerals, reserves, mining, east africa
Kenya Restricts Export of Raw Gold to Promote Local Processing, Official Says
14:27 15.10.2024 (Updated: 15:02 15.10.2024) Some African countries have implemented policies to restrict the export of raw gold and other minerals to encourage local processing and value addition. In particular, Ghana, Tanzania, the Democratic Republic of Congo, and Ethiopia have adopted such measures.
Kenya has started restricting the direct export of valuable minerals in their raw form, local news outlet Business Daily reported, citing the country's Principal Secretary for Mining, Elijah Mwangi. According to him, the construction of the gold and granite plants is projected to be completed by the middle of next year.
He added that gold, gemstones, and granite will be the first batch of
minerals to be exported from the processing plant after value addition.
"We have a responsibility to ensure that the minerals which are mined in Kenya benefit the people of Kenya and the community where the minerals are mined," Mwangi said, as quoted in the report.
According to the officials cited by the local media, the gold refinery is a multibillion-shilling deal recently sealed between Kenya and a league of private investors. It will be situated in Kakamega and will cost Sh5.8 billion (more than $38 million), and a granite processing plant to be located in Vihiga County will reportedly cost Sh2.5 billion (more than $15 million).
In another interview with the Business Daily, Mwangi emphasized that mining is a key manufacturing sector and a GDP multiplier in Kenya that increases national wealth, strengthens the balance of payments, is a massive employer, and generates rural incomes.
Along with Kenya, other African countries are looking to process natural resources at home rather than exporting them. For example, Minister for Energy and Mineral Development of Uganda, Ruth Nankabirwa, said that her country established a
state-owned mining company to manage the government's stake in all mining operations.
The President of Zimbabwe, Emmerson Mnangagwa, also encourages business leaders to invest in
infrastructure to add value to minerals, especially clean energy minerals like lithium, which is crucial for batteries and electric cars.
