Kenya discovers the largest gold deposit in decades, worth about US$5.29 billion

Kenya has taken a major step toward boosting its mining sector after British firm Shanta Gold Limited confirmed a new US$5.29 billion gold discovery at its Isulu-Bushiangala underground project in Kakamega County. Kenya is on the verge of a major economic breakthrough following the discovery of its largest gold deposits in decades, valued at an estimated Sh683 billion (US$5.29 billion) in Kakamega County.

According to The Star Kenya, British miner Shanta Gold Limited confirmed 1.27 million ounces of gold at its Isulu-Bushiangala underground project, marking a significant milestone for the country’s mining sector.

The Environmental Impact Assessment (EIA) report, submitted to the National Environment Management Authority (NEMA), outlines plans for a large-scale underground mine covering about 337 acres in Kakamega South Sub-county.

Kenya currently plays a minor role in Africa’s gold mining industry, producing about 410 kilograms of gold in 2023, far below major producers such as Ghana, South Africa, and Sudan, which each produce millions of ounces annually.

Despite this low output, Kenya is emerging as an attractive new frontier for gold exploration and investment, ranking 6th in Africa for mining investment attractiveness in the 2023 Fraser Institute Survey.

With the discovery of the US$5.29 billion Isulu-Bushiangala deposit in Kakamega by Shanta Gold Limited, Kenya’s position could improve significantly, signalling a shift from small-scale artisanal mining toward large-scale commercial production.