UK mining company invests Sh1.2 billion in Kenya gold exploration drive

UK mining company invests Sh1.2 billion in Kenya gold exploration drive

 

  • 31 million ounces of Gold have been discovered in Kakamega County Western Kenya
  • Acacia mining has announced plans to extract the Gold
  • Ratification of the 2016 Mining Act will establish a robust legislative framework to support our developing mining industry

British exploration firm, Acacia Mining will invest Sh1.2 billion in gold exploration projects over the next one year in Kakamega County, Western Kenya.

The move follows the discovery of an estimated 1.31 million ounces of gold resources on the Liranda Corridor, in Kakamega.

“We are delighted to announce one of the highest-grade projects in Africa today, and we believe that this initial resource is a first step in the description of a multi-million-ounce high-grade corridor, said Acacia’s Chief Executive Officer, Brad Gordon.

Gordon says the discovery demonstrates the contrarian approach they have taken of investing in exploration over the past few years whilst others has been pulling back.

A large percentage of the investment will go towards a 45,000-meter drilling program on the Liranda Corridor, which is targeting an increase in the gold resource to over 2 million ounces in 2017.

READ ALSO: Kenya moves to revamp mining sector as gold prices rise in 2017

Mining Cabinet Secretary, Dan Kazungu has lauded the move saying it proves Kenya’s rich mineral potential with huge economic value.

“Kenya is undoubtedly a geologically rich country and we are taking significant steps, such as the ratification of the 2016 Mining Act, to establish a robust legislative framework to support our developing mining industry,” he said.

“We are excited about the potential of Acacia’s West Kenya Project, as it could ultimately lead to the creation of a gold mining industry that would have a benefit to our country, economy, and people,” added CS Kazungu.

 

 

 

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