A mining exercise in Kenya.[Photo/SoftKenya]
Mining laws and regulations will be reviewed as the government seeks to streamline the extractions sector in a bid to make it more competitive and attract investors.
The Ministry of Mining says a new fiscal regime will greatly reduce illegal mining transactions and strengthen the sector.
Africa loses close to 8 trillion shillings annually to illicit mining transactions due to weak and unstructured mining laws.
It is based on this that the Ministry of Mining is seeking to review laws and regulations in the mining industry to streamline the sector.
Mining Cabinet Secretary Dan Kazungu says the review seeks to establish an integrated mining fiscal regime in the country that will ensure that both the government and local communities benefit from mining proceeds.
The new fiscal regime will be bench marked against countries with the best mining policies to make Kenya more competitive and attractive to investors as the country seeks to become a regional mining hub.