Dismiss Notice
You are browsing this site as a guest. It takes 2 minutes to CREATE AN ACCOUNT and less than 1 minute to LOGIN

Kenya eyes billions in gold revenue

Discussion in 'Kenyan News and Politics' started by nngu007, Aug 16, 2011.

  1. nngu007

    nngu007 JF-Expert Member

    #1
    Aug 16, 2011
    Joined: Aug 2, 2010
    Messages: 15,874
    Likes Received: 28
    Trophy Points: 145
    [TABLE="class: contentpaneopen"]
    [TR]
    [TD="class: contentheading"][/TD]
    [TD="class: buttonheading, width: 100%, align: right"] [/TD]
    [/TR]
    [/TABLE]
    [TABLE="class: contentpaneopen"]
    [TR]
    [TD="class: createdate"]Monday, 15 August 2011 23:29[/TD]
    [/TR]
    [TR]
    [TD]Nairobi. Kenya will issue its first ever gold mining lease in October, opening the way for commercial exploitation of the precious metal whose price has peaked in recent weeks after turbulence rocked global financial markets.

    Goldplat, one of the world’s biggest gold companies — which is also listed at the London Stock Exchange — will be awarded the lease to exploit the large gold deposits in the Lolgorien area of Narok County.

    The commissioner of Mines, Mr Moses Masibo, told the Business Daily that the lease will be issued upon the expiry of the 90-days allowed for public interrogation. A notice of the planned issuance of the licence was published in June 2011.“We will issue Goldplat a special mining lease in October as prescribed in the law to allow for commercial exploitation of gold at its Kilimapesa site to begin,” said Mr Masibo.

    The three-month window is for the public to raise any objections to the firm’s activities in the specified location. “I do not anticipate any objection,” Mr Masibo said.

    “It is an exciting time for our economy to gain from the record prices.”The value of gold from the Kilimapesa mines could top Sh60 billion a year in foreign currency at the prevailing prices or more if the surge in gold prices continues, placing the metal among the top revenue earners for Kenya.

    The government will earn four per cent of the value of each export consignment in the form of royalties, in addition to corporation tax that is tied to the profits that Goldplat will make. The department will value each export consignment and grant an export licence. (NMG)

    [/TD]
    [/TR]
    [/TABLE]
     
  2. nngu007

    nngu007 JF-Expert Member

    #2
    Aug 16, 2011
    Joined: Aug 2, 2010
    Messages: 15,874
    Likes Received: 28
    Trophy Points: 145
    This is Kenyan's first gold mine and look they did not provide a free tax heaven as we did to our gold mines

    And they have permissions to value each exports we don't have those permissions, that's why our GOLD output is not as good as Ethiopia

    We are 4th in Africa we do have more gold mines than Ethiopia and Ghana
     
  3. Apollo

    Apollo JF-Expert Member

    #3
    Aug 16, 2011
    Joined: May 26, 2011
    Messages: 4,854
    Likes Received: 1,211
    Trophy Points: 280
    Tz wanapiga plan ya Uranium.
     
Loading...