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- Aug 2, 2010
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Monday, 15 August 2011
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)
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)
