Browsing: Enhancing sustainability in the African mining sector

• The firms exploit legal loopholes to steal, they exploiting gaps in beneficial ownership laws to repatriate billions of profits in the mining sector
• According to the report, Kenya’s mining industry has the potential to contribute 4-10 percent of the country’s gross domestic product.
• The country earned Sh300 billion from the mining sector last year.

Corrupt individuals in Kenya are exploiting gaps in beneficial ownership laws to repatriate billions of profits in the mining sector, limiting its contribution to the general economy.

A new report released by the Global Financial Integrity (GFI) dubbed ‘Illicit Financial Flows Related to Beneficial Ownership in the Mining Sector in Kenya’ regrets that several billions have been lost over the years.

According to the report, Kenya’s mining industry has the potential to contribute 4-10 percent of the country’s gross domestic product.

“Unfortunately, the sector contributes less than a percentage of the country’s GDP which is significantly

• Africa homes about 30 per cent of the world’s mineral reserves, including 40 per cent of the world’s gold, 60 per cent of its cobalt, and 80 per cent of the platinum group metals.
• Mineral resources are a critical source of revenue for Africa.
• The interest in renewable energies in the mining industry arises from the escalating energy demand within the sector.

Mining in Africa faces ongoing challenges due to environmental degradation and social conflicts with local communities. Deforestation, land degradation, and air pollution are persistent issues linked to mining activities. However, effective prevention and mitigation measures can alleviate these impacts.

Africa’s mineral wealth is staggering. The continent homes about 30 per cent of the world’s mineral reserves, including 40 per cent of the world’s gold, 60 per cent of its cobalt, and 80 per cent of the platinum group metals. The Democratic Republic of Congo (DRC), for instance, with …