Parliament is in the process of drafting legislation aimed
at safeguarding investments in the mining and oil exploration sectors.
The legislation, which focuses on gold mining and oil
exploration, is expected to enhance investor confidence by ensuring the
security of their investments and guaranteeing the realisation of returns.
Nakuru Town East MP David Gikaria, who chairs the National
Assembly Departmental Committee on Environment, Forestry, and Mining, emphasised
that the legislation is designed to create an enabling environment for
investors.
“This move will encourage more investment into the country,
particularly in the exploration of natural resources like gas, gold, oil, and
other minerals that remain untapped. We want to ensure that Kenya becomes a hub
for mining and oil exploration, attracting global players who can bring
expertise and capital to the industry,” he stated.
Gikaria spoke during a meeting with the directors of Gansu
Hengnuo Rongcheng Trading Company Limited, the mother company of H-NUO Kenya
Company Limited.
The company has been granted approval by the Government to invest
in the construction of Kenya Gold Refinery in Ikolomani, Kakamega County, under the Public-Private-Partnership scheme.
Accompanying, Gikaria, were MPs Fredrick Ikana (Shinyalu)
and Benard Shinali (Ikolomani).
They were in Lanzhou City, Gansu Province, China, as part of
the Kenyan delegation inspecting the gold refinery facilities in the Asian
country and conducting due diligence on machinery and equipment that will be
installed in the Kenya Gold Refinery.
Gikaria said the focus on mining and oil exploration is
strategic, as Kenya continues to discover and explore new mineral deposits.
In recent years, the country has seen significant interest
in its natural resource potential, with gold mining and oil exploration showing
great promise.
However, challenges such as regulatory uncertainty and
concerns about investment security have hindered the sector's full potential.
Gikaria pointed out that many of the country’s mineral-rich regions remain largely unexplored, and said the new law would unlock significant opportunities for growth.
