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Browsing: 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
Zimbabwe’s Mining Sector,
In the 6th State Of The Mining Industry Prospects For 2021 Report, Zimbabwe’s mining sector representatives projected an optimistic outlook for 2021, citing an improvement in COVID-19 control, rising commodity prices, and an improved fiscal environment.
The mining sector faced a difficult year on the back of falling commodity prices. The situation was exacerbated by the impact of the COVID-19 pandemic which ravaged the entire globe.
The findings of the report indicate that the mining sector business confidence index is expected to improve to +3.1 in 2021 from 2.2 in 2020. The mining sector business confidence index is a measure of optimism (or lack of it) among mining executives.
Of the respondent interviewed, 90% of the miners in the country said they are looking forward to expanding their businesses in the coming year. This is in contrast with the 10% that don’t foresee any change in …