Corporate News
Chinese firm takes control of Kwale titanium mines
Tiomin Headquarters in Mombasa: The firm estimates that titanium deposits should generate more than Sh3 billion in operating cash annually in the first six years of operation. Photo/FILE
Posted Wednesday, September 2 2009 at 00:00
Signed deals
But the Commissioner of Mines, Dr Bernard Rop, was not available to confirm the deal as he was said to be away from the office for two days.
The entry of China into the local mining industry fits well with Kibaki government’s policy of turning to the East for investment and aid away from the traditional Western Europe and America.
China has been particularly popular with African leaders because its financial assistance comes without demands for good governance and preservation of human rights.
Kenya has signed deals with Chinese companies ranging from oil exploration to mining to road construction.
The government has also opened its market to Chinese goods as shown by the mushrooming of Chinese textile and other product outlets in Nairobi.
However the result of the increasing trade cooperation between Kenya and China has been the proliferation of cheap or counterfeited Chinese goods flooding the Kenyan market, a situation which has stifled markets and prohibited employment because of inability of local manufacturers to compete.
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