Mining to contribute 10% of GDP by 2030

Photo Credit: www.the-star.co.ke

The Ministry of Mining plans to transform the mining ministry in the next 14 years to contribute 10% to GDP form the current 1%.

The Kenya Mining Forum in Nairobi, which was opened yesterday by the Cabinet Secretary Dan Kazungu is set to highlight ways of putting Kenya on the regional map as the highest contributor and mineral investments, with a potential of Ksh6.317 trillion in mining revenues according to McKinsey Consulting.

Speaking at the opening of the Forum, he threatened to shut down miners who are not adhering to mining rules. “They are inhibiting growth of the sector, but the new Act will deal with them.” In reference to the Mining Act of 2016

The two-day Mining Forum is set to welcome over 200 participants with over 40 mining companies in attendance.

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The new Mining Act of 2016 takes into focus Land Policy, local content and environmental considerations among others. The Key introduction being engaging host communities in operation of mines and the drive towards upgrading small-scale artisans.

The ministry is also planning to conduct a mineral survey in the country, to begin in December 2016, set to cost Ksh3 billion. “17 international firms have applied, we are still vetting them. By December we will launch the project.” Said Kazungu.

The Forum which starts on the 28th to the 29th of September will aim to create Public Private Partnerships and develop the sector by exploitation of the country’s minerals where the country is the 3rd largest producer of Soda Ash in the World, the 7th in fluorspar production and with artisanal activity which contributes 60% of gemstone activity in the country.

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