UK Firm Discovers Gold Worth Ksh683 Billion in Kenya

A British multinational has announced the discovery of over 360 tonnes of gold, worth an estimated Ksh680 billion at a gold field in Ikolomani, Kakamega County. 

Shanta Gold Kenya Limited, a subsidiary of Shanta Gold Limited, made the revelation in an environmental impact assessment (EIA) to the National Environment Management Authority (NEMA). 

The British firm estimated that it would mine 1,270,380 ounces (about 36 tonnes) of high-grade gold from the Kakamega goldfield. 

The timing appears to favour Kenya, coming at a time when gold prices have been rising - hitting a historic high in October 2025 when an ounce of gold was retailing at Ksh566,000 ($4,381). 

An ounce of gold currently averages Ksh530,985 ($4,111.39), placing the deposits’ value at Ksh683 billion, more than double Kakamega County’s GDP.  Only Nairobi, Nakuru, and Kiambu counties have a higher GDP above Ksh680 billion at Ksh3.81 trillion, Ksh785.8 billion, and Kiambu County and Ksh760.8 billion, respectively.

The company is planning to develop an underground mine and processing centre at the Isulu-Bushiangala sites, and operate it for eight years.

As in the plan submitted to NEMA, the firm will invest Ksh26.86 billion to develop an underground mine.

The setting up of the mine will also see the firm acquire 337 acres of land from locals. It is estimated that 800 households will be affected.

Already, the Shanta Gold Kenya has identified land to resettle affected families, with the option of compensation also being on the table.

If given the green light to undertake the mining activities, the British firm will be paying the government between Ksh555 million to Ksh607 million annually in royalties. Out of this 20% will go to the county government, while 10% will go to the local community.

Additionally, the British firm will be paying Ksh193 million annually for the Mineral Development Levy.

Shanta Gold Kenya is also expected to sign an agreement with the local community, which will see Ksh6.8 billion shared in the community over the eight years.

In Kenya, gold is mostly mined in Western Kenya, especially in Ikolomani and Migori County, with an average annual earnings of Ksh3 billion.

According to the 2024 Economic Survey, Kenya earned Ksh3.02 billion in 2024 and Ksh3.38 billion in 2023.