Minerals explorer Cortec announced it had found rare earth deposits worth $62.4 billion in Kwale County, putting the country among top five potential global producers in a market dominated by China. TEA Graphic/FILE Nation Media Group
Mrima Hill, in the coastal county of Kwale, has one of the top five rare earth deposits in the world. The area also has niobium deposits estimated to be worth $35 billion.
Kenyan government will earn three per cent royalties from the nobium project and five per cent from the rare earths mining.
The global demand for niobium, used to strengthen steel, is rising rapidly, with Mrima Hill now positioned in the world’s top six deposits.
If Cortec’s lab results are confirmed, Kenya will serve the hungry global market including Africa that is scrambling for the meagre supply of the element.
By SCOLA KAMAU and CHRISTINE MUNGAI The EastAfrican