Tuesday, 02 January 2024 12:17 GMT

UK mining company discovers underground gold deposits in Kenya


(MENAFN) A British mining company has announced a major gold discovery in Kenya’s Kakamega County, revealing deposits estimated to be worth more than $5.28 billion, according to reports. Officials have hailed the find as a landmark moment for the nation’s mineral industry.

The deposits were uncovered by Shanta Gold Kenya Limited within the Lirhanda Corridor — a 1,200-kilometer mineral-rich zone extending across Kakamega and Vihiga counties — following years of detailed geological surveys and drilling operations.

“The project is aimed at obtaining the required authorization to mine the Isulu-Bushiangala gold resources for economic purposes,” the company said in a statement.

According to the firm, the initiative could stimulate substantial economic activity through employment, business opportunities, and tax and royalty contributions to the Kenyan government. “This may lead to the enhancement of local economic development through job and business opportunities and significant contributions to the government of Kenya through taxes, royalties and revenue contributions, which are likely to transfer into the local and regional economic growth,” the company added.

Experts suggest that the discovery could elevate Kenya’s status as a significant gold producer in East Africa — a region where Tanzania and Sudan have historically led the market.

The company noted that the newly found reserves contain high-quality ore viable for underground mining, and that feasibility studies are currently being conducted to assess extraction options. Plans are also underway to invest about $208 million to establish the mining and processing infrastructure, potentially making the Lirhanda project Kenya’s first large-scale underground gold operation.

Mining engineer Brian Mwangi Njoroge, who runs a startup supporting small-scale miners in Migori, remarked that the findings could redefine Kenya’s mining landscape. “This discovery confirms what many in the field have long suspected, that western Kenya holds world-class gold potential,” Njoroge said.

“With the right infrastructure and regulation, Kenya could move from exploration to full-scale production faster than many expect. The British used to mine the same place during the colonial times; there has always been gold.”

MENAFN12112025000045017281ID1110332972



MENAFN

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.

Search