and theres more in luhyaland...

How does Kenya benefit from this?
The article talks about 4% royalties and Corporation tax on profit before tax.

In my opinion this will not change Narok and the country in any significant way. I guess there are some local and other politicians who will be co- owners of the locally incorporated mining company who will be laughing all the way to the bank....maybe some people may be given shares of the mother mining company in UK to have this approved.

Kenya may not even benefit from the foreign currency generated. Why?... Except for kenya shilling denominated operating expenses - which are minimal all the proceeds will go the the GOLDPLATS company in London and other costs may be paid out in USD. Ask Tanzanians... they thought that with massive gold mining contracts in the country their currency will stabilize with high USD inflows from Gold. Several years later nothing has changed...Tanzania Shilling has continued to depreciate just like other currencies with higher imports than exports. But politicians have become richer.

A better deal would have been where the GOLDPLATS company mines the gold and this gold is shared 50:50 with the government. No royalties, minimum or zero taxes (Mining companies bears all the mining costs). Government sells the the gold and 15 - 30% of the proceeds are given to the Narok county (in local currencies).

That would translate to annual proceeds for Kenya of about shs 30 Billion total and Narok receives between shs 4.5 and 9.0 Billion every year.

The Forex generated by sale of government share will ensure that the Kshs will stabilize as there will be significant USD inflows.

my trillion cents....

@ Liv
I chuckled in happy glee at what this 60b would do to my beloved country's economy, but this was drowned by the loud guffaws of the ghosts of kenya's fat cats who:
1) took moi's jogoo/cockerel (tena from his bedroom!)
2) juzi, the 2.5 tonnes that did a houdini act,
3) ripped us via goldenberg,
4) are the only ones who know how the nbi mayor's
chain ended in Paris....