East Africa gold production firm Shanta Gold has reported more high-grade deposits found in its western Kenya field, estimated to be worth around 365 billion Kenyan shillings (approximately 3 billion US dollars).
The company made this known in its latest market update and included that the volume of gold deposits in Kakamega county is in excess of 1.6 million ounces. A statement by Shanta Gold says “The West Kenya Project continues to produce exciting results the more we look, and we are confident that it has the potential to be a multi-million-ounce gold district comparable with other prolific greenstone belts in the world,” adding that this could be the future of Kenya’s gold mining industry.
Gold prices have soared since the commencement of the Russia Ukraine crisis and have reached $2000 dollars per ounce.
Kenya is typically not a gold-producing country. In 2021, it produced only 0.2 tonnes of the commodity through small scale and artisanal miners. However, Kakamega county has long been a field for explorers and prospectors, a factor that Shanta gold believes will come into play as it looks forward to large scale gold mining in the region.