The mining sector currently contributes less than 1% of Kenya’s GDP but has potential capacity to contribute 4% to 10%. This means that much of Kenya’s natural resource wealth is yet to be exploited and there could be significant opportunity for growth.
On the 24th June, 2022 the Kenya National Chamber of Commerce & Industry (KNCCI) signed a Memorandum of Understanding (MoU) with the Kenya Chamber of Mines (KCM), KCM represents the interests of Kenya’s miners, exploration companies, mineral traders, suppliers and professionals in the mining industry.
During the MoU signing ceremony the Chamber President Mr. Richard Ngatia stated that the partnership was very vital in addressing economic and policy issues facing the mining and extractive sectors in Kenya. The MOU will enhance businesses in the region, recognizing The Democratic Republic of the Congo (DRC) which is one of Africa’s most richly endowed countries in terms of mineral wealth. The country hosts numerous major deposits of diamonds, gold, copper, cobalt, tin, tantalum and lithium.
Mr. Ngatia in his remarks encouraged foreign investors and multinationals to invest in the mining sector which plays a significant role in generating foreign exchange for the country.
The Kenya Chamber of Mines Chairman Mr. Charles Mwangi in his remarks appreciated KNCCI for taking the lead in reviving the mining sector in Kenya through the partnership that will be beneficial to both the local and international markets. He stated that the Kenya Chamber of Mines remains vibrant in advocating for conducive development for the mining sector.
KNCCI Trade Research and Policy Manager Ms. Caroline Kosiom emphasized on the importance of conducting due diligence and compliance with international standards on responsible mining, equitable sharing of mining resources with local communities, human rights and due regard for environmental sustainability.