Companies

Former CS Kazungu gets board seat at gold miner

kazungu

Former Mining Cabinet Secretary (CS) Dan Kazungu. FILE PHOTO | NMG

Former Mining Cabinet Secretary (CS) Dan Kazungu has joined the board of London-listed gold miner Caracal Gold Plc which operates the Kilimapesa goldmine in Migori.

Mr Kazungu became a non-executive director of the multinational effective March 7.

The appointment is seen as a bid by Caracal to tap his contacts and experience in the mining sector.

“We are delighted to welcome Ambassador Kazungu to the board at what is a crucial time for Caracal as we enter the next phase of our growth trajectory,” Caracal CEO Robbie McCrae said in a statement.

“His wealth of experience in the region will be critical in helping us realise our ambition of becoming a major gold producer and mine developer in East Africa.”

He added that the company aims to double gold production to 24,000 tonnes per annum at the flagship Kilimapesa Gold Mine in Kenya and expand its operations into Tanzania via its recent acquisitions.

Gold prices have surged in recent days as global investors seek safer assets in the wake of Russia’s invasion of Ukraine and the wide-ranging sanctions placed on the aggressor.

Mr Kazungu is the former Kenya High Commissioner to Tanzania and previously held the Kenyan mining docket between 2015 and 2018.

Caracal recently acquired gold projects in Tanzania –the Nyakafuru and Simba Gold Projects— which it says have proven high-grade shallow gold resources and historical mining and development studies, allowing it to accelerate their developments.

“Ambassador Kazungu joins the board of Caracal after serving as the Kenya High Commissioner to Tanzania, where he carried out an exemplary tour of duty,” the multinational said.

“He is credited for resetting Kenya-Tanzania relations to its current, elevated level and transforming business and investment relations between the two countries.”

As Kenya’s CS for mining, he is credited with driving mining and business reforms.

His corporate experience spans over 10 years working at tech companies IBM and Lenovo. He also holds a Master of Arts degree in Diplomacy and Foreign Policy from the same university.

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