The government to review mining laws and regulations as it seeks to streamline the extractions sector.
According to the ministry, Ministry of Mining, a new fiscal regime will greatly reduce illegal mining transactions and strengthen the sector.
Africa loses close to 8 trillion shillings annually to illicit mining transactions due to weak and unstructured mining laws.
It is based on this that the Ministry of Mining is seeking to review laws and regulations in the mining industry to streamline the sector.
“The review seeks to establish an integrated mining fiscal regime in the country that will ensure that both the government and local communities benefit from mining proceeds,” says Mining Cabinet Secretary Dan Kazungu.
The new fiscal regime will be bench marked against countries with the best mining policies to make Kenya more competitive and attractive to investors as the country seeks to become a regional mining hub.
The ministry is holding talks with relevant players to ensure local communities get their share of mining revenues as stipulated in the 2016 mining act.
The ministry will also soon start an air borne mineral data collection after a 7 billion shillings Chinese bank loan was approved for the project.