Kenya bans exports of unprocessed minerals, plans three refineries

Kenya just drew a line in the sand on raw mineral exports. President William Ruto announced a sweeping ban on shipping unprocessed gold and other minerals out of the country, requiring all extraction to be refined locally before it can be sold through government-approved channels. The policy comes paired with plans to build at least three gold refineries, positioning East Africa’s largest economy to capture more value from its underground wealth rather than watching it leave the country in raw form. What the ban actually looks like The core mechanics are straightforward: no mineral leaves Kenya unless it’s been processed first. The Central Bank of Kenya will serve as the primary buyer of domestically refined gold, giving the state first priority in the purchase program. The goal is to formalize what has been a largely unregulated market and ensure fair pricing with greater transparency. Kenya currently produces roughly 300 kg of gold per month. Annual unregulated transactions in the gold sector are estimated at 36 billion shillings, a figure that represents significant lost revenue for a government trying to formalize and tax its extractive industries. The most advanced of the plan...