Gold price faces worst week since 2021 as Fed signals no rate-cut rush
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After the mining cabinet revoked several mining licenses and doubled gold royalties last week, Kenya’s Deputy President William Ruto has announced that the government is “not at war” with the mining industry, AllAfrica reports.
The measures were taken in order to ensure that Kenyan communities will also benefit from mining proceeds, Ruto explained.
Kenyan officials are currently working on developing a Mining Act.
“Kenyans are going to be asked for their input in this Act before it becomes operational, Ruto told AllAfrica reporters. “We want to regulate this vital industry and everyone must follow the law.”
The mining cabinet revoked licenses last week due to concerns over how they had been issued – approvals were granted during a time of high government turmoil.
Ruto also noted that environmental concerns will have to be addressed before any new licenses are granted.
But the deputy president was careful not to scare away investors, reassuring them that the government is committed to developing the industry.
3 Comments
Investor
While the deputy President insists that the rule of law must apply his Minister has flouted the law in illegally cancelling legitimate mining licences. This is the issue that will determine whether or not future investment will decide if Kenya is a safe country in which to invest.
Apple
Kenya – another country not to invest in
Topsky
Of course every country desrves to benefit from fair royalties & smart sustainable environmnal laws