Kenya’s earnings from gold mining rose to a nine-year high of Sh3.4 billion last year, pointing to increased extraction of the precious metal and high global prices due to economic uncertainty.
The earnings more than doubled from Sh1.4 billion in 2021 as the quantity extracted jumped to 563.6 kilogrammes from 291.5 kilos a year earlier.
Gold was the second highest-grossing mineral after titanium ore that fetched Sh28.3 billion in the same period.
Other top-earning mineral extracts in the country include soda ash, crushed refined soda and rough gemstones including corundum, garnets and vermiculite.
The improved nettings from gold are against the background of improved prospects for the mineral as more deposits are discovered in parts of Western Kenya.
In March last year, exploration firm Shanta Gold reported finding more high-grade gold deposits in Kakamega County.
Interest from the global-based exploration firms and their subsequent activities over the last three years have raised excitement over the viability of gold mining in counties such as Kakamega.
Gold mining has, nevertheless, featured largely artisanal and small-scale operators in a mainly informal process that involves risks such as the use of mercury, dangerous working conditions and illegal child labour.
Deaths and injuries have been registered when the mines collapse and responses delay, leaving the victims on their own.
Despite the dangers, more people have been trooping to the fields in search of livelihood.
Globally, central banks stockpiled gold at a historic rate in the second half of last year, a move many analysts attributed to a desire to diversify away from the dollar after the US froze Russia’s reserves denominated in the currency as part of its sanctions against Moscow.
Retail investors bought the precious metal in a bid to protect themselves from high inflation.
