Acacia, majority-owned by Barrick Gold, is embroiled in a long-running tax dispute with Tanzania.
Kenya Mining News
Tribunal orders the companies to pay costs of around $3.5 million to the government.
The aim of the project is to improve the livelihoods of the beneficiary community and regional economy - Mining Ministry
The East African nation's deposits are often in remote regions where the country's poorest live, but experts say few have reaped the rewards from mining.
There were cases of displacement of communities, workers subjected to unsafe conditions, as well as soil, water and air pollution.
Industrial and precious metals, coal, oil, as well as natural gas, collectively accounted for just 6.2% of foreign direct investment into the continent last year.
With six drill rigs currently active on site, and two more to follow soon, Acacia expects to increase the resource to 2 million ounces by the end of the year.
The miner plans underground operations at North Mara and inked a deal that could see it acquire up to 70%of a project in Burkina Faso.
Tanzania's largest gold miner reported a 17% jump in third-quarter core profit, and said it anticipates full-year costs at the lower end of it target range of $1,100-$1,175 per ounce sold.
Last week Barrick Gold sold 41 million African Barrick shares to institutional investors.
But it expects to return to profitability by the end of the current fiscal year.
It also slashed its gold reserves by almost a quarter.
"Hopefully" to materialize over the next 12 to 18 months.
Company cited ongoing operational losses and gold price uncertainty as reasons for the closure.
New president and his administration are planning to revoke rules passed in 2012, which impose 35% local equity shareholding in the country’s mining licences.
The government is also working on a bill to update the mining act.
Kenya has become the hottest oil and gas venue in East Africa since big discoveries were made in the country’s virgin oilfields last April.
Many children and teenagers skip school to work at the gold mines where they can earn $14 during a six-day week workweek.
The future of a planned coal mining in the Kitui County in Kenya, worth more than $100 million (Sh$8.5 billion), hangs in the balance following opposition by local leaders and a court suit.
Kenya has invited investors to bid for the exploration and development of two coal blocks in the country's eastern region, the energy ministry said.
Recently, I read an article about how Congo born, Dikembe Mutombo, an all-star NBA defender, was nicely scammed in a fake gold deal.
Kenya is set to join the league of gold-producing nations following the granting of the first mining lease to UK company Goldplat.
Kenya will issue its first ever gold mining lease on Tuesday, opening the way for commercial exploitation of the precious metal whose price has peaked in recent weeks after turbulence rocked global financial markets.
BASE Resources says it is close to announcing offtake deals for Kenya's biggest mining project, the $US256 million ($239m) Kwale mineral sands operation. Base managing director Tim Carstens said Dupont and Cristal Global, the world's two largest titanium dioxide producers, were among parties interested in offtake. One deal "that I hope to announce next week, will account for about 35 per cent of our revenue and they are a big name", Mr Carstens said yesterday at the Africa Downunder mining conference in Perth.
Kenyan government will in October issue London listed Goldplat a lease to exploit the large gold deposits at Kilimapesa gold site in Narok County. An official at Kenya's ministry of mines said that Goldplat will be given a mining lease after completion