One of the largest gold deposits in Africa has been discovered. It could be worth billions of dollars

The British mining company Shanta Gold announced the discovery of one of the largest gold deposits in Kenya and all of Africa, with an estimated value of $5.29 billion. The discovery could make Kenya a key country in the gold mining industry in eastern Africa.

The British company announced the discovery of high-quality gold ore in Kakamega County in the western part of the country on Wednesday in a report to the Kenyan mining authorities. He recalled that gold had been mined in this part of Kenya since colonial times, and he had been conducting intensive geological research there for several years.

The company plans to invest over USD 200 million in the development of the mine and the plant processing the extracted ore. Predicts that mining will last for at least eight years.

Will Kenya flow with gold?

This discovery may lead to enhanced economic development and the creation of many jobs, which the Nairobi government would experience in the form of taxes, license fees and budget revenues, which will translate into economic growth, the company argued. He estimated that he would pay 1% directly to the government in Nairobi. value of discovered gold.

Shanta Gold also argued that the new deposit would make Kenya a key player in the East African gold mining industry, previously dominated by neighboring Tanzania and Sudan.

Currently, the Kenyan mining sector contributes less than 1%. to gross domestic product (GDP).

In Africa, Ghana is the largest producer of gold, extracting over 140 tons of it last year. Other important producers of this metal are South Africa, Mali, Burkina Faso, Tanzania and Côte d'Ivoire.

In August, the Liberian authorities announced the discovery of a promising gold vein in Arthington, Montserrado County, which – if confirmed by geological research – may turn out to be one of the largest in Africa, and perhaps in the world. (PAP)

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