Ministry works toward full mining disclosure

Business Daily Kenya:  The Mining ministry will this month begin a review of guidelines on mining contracts and disclosure on oil and minin...

Business Daily Kenya: 

Mining. Photo/File

The Mining ministry will this month begin a review of guidelines on mining contracts and disclosure on oil and mining revenues as part of a wider plan by the government.

This will ensure exploration firms make full disclosure of what they make and State reveals what it collects from the companies in taxes.

Mining Cabinet secretary Dan Kazungu said yesterday that discussions on review of the extractive policy, which among other factors looks into taxation structure in the industry, will begin this month as an effort to open the sector for investments and directness.

“Mining must be controlled, we have to get the strategies, policies and legal framework right to ensure we develop a sector that we are proud of,” said Kazungu.

This comes barely a year after Auditor General Edward Ouko admitted to facing resistance from mining and extractive industries in accessing information for audit.

Ouko, in August, blamed exploration companies of working in secrecy, denying the country revenue, due to absence of clear-cut policy which restricts his office from determining exact costs and value of natural resources in the country. It is not the first time such concerns have been raised.

Last October, the Public Procurement Administrative Review Board (PPARB) called for greater openness on the country’s natural resources, after expressing fears that the sector was being exposed to what it felt was “revenue leakage.”

“We are concerned about revenue leakage in the sector because Kenya does not have capacity to monitor what foreign companies involved in mining and oil sector are doing,” said Rosemary Gituma member of PPARB at the time.

“When they produce data, we should also be able to produce ours independently for accountability purposes. Such courses will help equip locals with capacity to effectively monitor these activities and plug revenue leakage,” said Gituma.

The post Ministry works toward full mining disclosure appeared first on Mediamax Network Limited.

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