NAIROBI, July 17 (Xinhua) -- Kenya has developed new policy and regulatory tools aimed at promoting value addition on mineral resources and boosting their competitiveness in the overseas markets, senior officials said Monday.

Speaking at the Kenya Mining Week Expo and Conference taking place in Nairobi, the Kenyan capital, the officials said that investing in facilities to process and refine precious metals will generate new jobs and boost the country's foreign exchange earnings.

Elijah Mwangi, the principal secretary in the State Department for Mining, said the country had the potential to become a hub for mineral exploration, processing and export, subject to scaling up the adoption of new mining technologies.

The mining sector at present contributes 1 percent to Kenya's gross domestic product (GDP) but there are plans to raise it to 10 percent in the near future, Mwangi said.

He observed that Kenya has a vast deposit of minerals required to power a green revolution, adding that their sustainable exploitation will be dependent on enacting regulatory safeguards to avert ecological pollution and conflicts. Kenya is reviewing the mining act to ensure the sector adheres to social and environmental regulations while spreading benefits to local communities.

More than 300 delegates, including senior policymakers, industry leaders and representatives of artisanal miners are attending the Kenya mining week event that blends conferences and exhibitions.

Held under the theme of "Promoting an inclusive approach in Kenya's mining sector for economic growth," the three-day conference, which runs through Wednesday, seeks to unlock economic opportunities through the exploration of precious metals and rare earths.

Abubakar Hassan, the principal secretary of the State Department of Investment Promotion, said that by adding value to precious, industrial and green energy minerals, the country stands to gain from royalties and low-carbon growth.

Hassan said that fiscal incentives, mainstreaming artisanal miners, sharing of best practices, and technology transfer will be key to creating a vibrant mineral value chain in the country, adding that realigning extraction of minerals with green ethos will limit damage to fragile ecosystems besides averting hostilities from indigenous communities.

Patrick Kanyoro, the chairperson of Kenya Chamber of Mines, said the sector is poised for a take-off, given the goodwill it has generated from institutional investors.

According to Kanyoro, investments in the nascent mining sector in Kenya have grown rapidly, thanks to the easing of regulatory bottlenecks, the availability of a skilled workforce, and the growing demand for precious metals abroad. Enditem

Related

Go to Forum >>0 Comment(s)