Kenya to Establish a Gold Refinery

Kenya plans to establish a gold refinery in the country.

Kenya plans to establish a gold refinery in the country in Kakamega County. This is aimed at improving gold refining in the country.

The country’s Ministry of Petroleum and Mining has put out an International Expression of Interest (IEOI) for the establishment of the refinery.

“The aim of the project is to add quality to raw gold and improve its value through refining. Further, the project will improve the livelihoods of the beneficiary communities, regional economy, and that of Kenya as a whole through the creation of direct and indirect employment opportunities,” the Ministry said in a notice on Tuesday.

Kenya to establish a Gold refinery
The refinery is meant to serve gold miners locally, regionally, and internationally

While the Ministry of Mining has overtime granted gold exploration licenses to local and international companies, the gold mining industry in Kenya remains nascent and largely underexplored in spite of the revelation of large gold deposits in Western Kenya.

A report by the Kenya National Bureau of Statistics indicates that gold production has averaged 381 kilograms per annum over the last five years.

In 2019, gold production stood at 395 kilograms or an equivalent Ksh.2.96 billion in value in today’s pricing in the international market.

Earnings fetched from gold are set to be higher this year with investors increasing their holding of the precious metal amid global uncertainties on the economy due to the Covid-19 pandemic.