Afternoon business highlights – January 31, 2018

Afternoon business highlights – January 31, 2018

UK gold mining firm sees revenue grow due to increased production in Kenyan plant

Kilimapesa, a Kenyan subsidiary of London-based Goldplat Plc, sold gold worth Ksh375.1 million in the six months ended December, boosted by increased production at its Migori plant. Kilimapesa’s output rose 2.2 times to 2,681 ounces in the period compared to 1,190 ounces a year earlier, the multinational disclosed in regulatory filings. Gerard Kisbey-Green, CEO of Goldplat said in a statement that the company is well-placed for a positive full year 2018.

Geothermal firm to drill steam exploration well in Longonot following delays

African Geothermal International Limited (AGIL), a Kenya-based energy company , will start drilling its first exploration steam well in Longonot from June after five years of delays. The firm said it would cost a minimum of $5 million (Ksh515 million) to drill one well, the target being to sink up to 40 wells expected to generate 140 megawatts of geothermal electricity.

Taxman misses revenue collection target yet again

The Kenya Revenue Authority (KRA) saw tax collection in the first half of this financial year rise by only 6.63% compared to a similar period a year ago but was still short of the National Treasury’s ambitious target. KRA netted about Ksh630.37 billion in the July-December period compared to Ksh591.17 billion in a similar period in 2016, Treasury secretary Henry Rotich says in the body’s latest report.

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