The Ministry of Mining, Blue Economy and Maritime Affairs said that investors in the mining sector must now pay off debt at the time of loading.
This will allow the mining community to recover its debts and eliminate the inequality that has caused some businessmen in the sector to fail to meet their obligations for years. According to the Ministry’s regulations numbered
The tax levied on the total sales price of extractive products is 5 per cent for precious metals, gold and other platinum group metals, 8 per cent for rare earth elements and electronic products, and 8 per cent for metal products, titanium ore, titanium ore and zircon.
The royalty rates for coal, carbon dioxide, raw precious stones, cement, salt, cut diamonds and rough diamonds are 7%, 5%, 6%, 1.6%, 1.6%, 3% and 6%, respectively.
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“The issue of royalties to the affected communities is important here. We have people from outside this country who have been extracting our minerals for over 10 years without paying anything to the communities. We now want this done at the point of loading the cargo,” Ali Hassan Joho, Cabinet Secretary for Mining, said.
In his address to the National Assembly Committee on Environment, Forestry and Mining, the CS explained the government’s strategies for ensuring that mining continues to benefit Kenyans and that all investors in the mining industry comply with the permitting law.
He also called on Kenyans to consider investing in the mining sector instead of leaving it to foreigners alone. He gave examples of Indonesia and China where young billionaires have made their fortunes from mining.
CS Joho asked the team to go with him as he expressed the need to establish a world-class mineral enrichment laboratory for added value and increased revenue.
He noted that the Department was determined to reorganize the work by deploying experts at all border points supported by the law, increasing the number of officers to oversee the projects’ activities, and strengthening the implementation of the law.
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In September, the Ministry issued a stern warning to individuals not to work alone for good ideas such as copper, coltan, and chromite.
CS Joho warns against strategic mineral exploration and mining – Wall Street Kenya – Business, Economics and Finance Insights.
