Kenya’s economy set for big boost after $62bn mineral deposits found in Coast
PHOTO | LABAN WALLOGA Residents of Kwale County’s Mrima Hills celebrate after they announced their support for mining of niobium in the area in 2012.
What you need to know:
- The country will serve the hungry global market that is scrambling for the meagre supply of rare earth minerals if lab results are confirmed
Kenya’s profile as a potential rare earth minerals producer rose a rung higher after a mining firm announced it had found deposits worth $62.4 billion.
Mrima Hill, in the coastal county of Kwale, has one of the top five rare earth deposits in the world. The area also has niobium deposits estimated to be worth $35 billion.
“This is by far the largest mineral deposit in Kenya and the find at Mrima Hill will make Kenya one of the largest rare earth producers in the world,” said Mr David Anderson, managing director of Cortec Kenya Mining.
The government will earn three per cent royalties from the nobium project and five per cent from the rare earths mining. Under the Constitution, 80 per cent of these earnings will go to the national government, 15 per cent to Kwale County and five per cent to the local community.
The full article is in the current issue of The EastAfrican
