• Money & Markets
Tuesday, January 31, 2023
  • Login
No Result
View All Result
NEWSLETTER
Money & Markets
18 °c
Nairobi
18 ° Fri
18 ° Sat
18 ° Sun
18 ° Mon
  • News
  • Big Read
  • Markets
  • Economy
  • Investing
  • Energy
  • Opinion
  • Africa
  • World
  • News
  • Big Read
  • Markets
  • Economy
  • Investing
  • Energy
  • Opinion
  • Africa
  • World
No Result
View All Result
Money & Markets
No Result
View All Result
Home Economy

Report names Kenya among countries under new British rule

by Money Markets
June 12, 2020
in Economy, Headlines
0 0
11
Report names Kenya among countries under new British rule
2
SHARES
127
VIEWS
Share on FacebookShare on Twitter

Kenya is among 37 African countries that have fallen under the second phase of British control, a new report has indicated.

In The New Colonialism: Britain’s Scramble for Africa’s Energy and Mineral Resources (Reference), the authors of the report found that the UK government had coerced Kenya and other African government into handing over lucrative oil and mineral licenses to British companies.

The authors of the report published by British charity War on Want reviewed energy and mining companies listed in the London Stock Exchange and found that 101 companies controlled the bulk of Africa’s most valuable resources.

“As before, the new colonialism is driven by a determination to plunder the natural resources of Africa, especially strategic energy and mineral resources,” says the report.

In Kenya, eight British companies were found to have the most lucrative licenses in mining and energy.

Kenya’s gold deposits in the most prospective areas are in the hands of three companies.  Acacial Mining PLC jointly with Lonmin and AfriOre International hold the license to explore Ndori Greenstone Belt in Western Kenya in area of 2208 square kilometres. Ndori which is in Homa Bay county is a gold rich area and locals have invested in small scale gold mining.

Red Rock Resources, which operates in Kenya through Mid Migori Mining Company, has 75 percent interest in the Migori gold belt in Migori County which has 1.2 million ounces. Just like in Homa Bay, locals in the county are engaged in small scale gold mining.

Lonmin PLC, on whose orders South Africa police killed 34 of its mine workers and injured 78 others four years ago, also has a huge stake in Kenya’s mining. The company owns stakes in all the gold mining blocks in Western Kenya (Migori, Homa Bay and Kakamega.) it also has the license for cooper, silver and zinc.

Goldplat PLC which operates in Kenya as Kilimapesa operates the only licensed gold mine in Kenya which contains 671, 446 ounces of gold.

In energy, like in mining, British companies have the most prospective oil blocks. Tullow Oil which was the first to strike oil in Kenya has controlling interest in 5 onshore oil blocks in the west and northwest which are being developed as the company’s key exploration activity; they contain 600 million barrels of oil and cover 52,531 square kilometres.

British Gas Group owns 100 percent of two offshore gas exploration blocks (L10A and L10B) while Ophir Energy has a 100 percent interest in oil exploration block L9 offshore. Premier Oil has a 55 percent interest in oil exploration block 2B in North Eastern region.

Bowleven Plc has a 50 percent interest (with Adamantine Energy) in early stage oil exploration in Block 11B in the Turkana district of the north-west, an area covering 14,000 square kilometres.

African oil, gas and minerals worth over Sh101 trillion are in the control of the 101 companies.

The report notes the British control on the resources is a result of aggressive push by UK government for its former colonies to adopt economic and trade policies that favour its companies.

“UK’s trade and investment policies are enabling British companies to access and control African resources. British governments, whether Conservative or Labour, have long been fierce advocates of liberalised trade and investment regimes in Africa that provide access to markets for foreign companies.

They have also consistently opposed African countries putting up regulatory or protectionist barriers to such trade and investment. In addition, Britain has been a major advocate for policies promoting low corporate taxes in Africa, including in the extractives sector,” says the report which was published in July.

Money Markets

Money Markets

Next Post
Kirubi-backed firm gets Nema nod to build Lamu coal power plant

Kirubi-backed firm gets Nema nod to build Lamu coal power plant

Comments 11

  1. martin says:
    6 years ago

    i have never understood Africa, giving the same people who exploited your resources a second chance. i would like to know the stipulation of these contracts.

    Reply
  2. Kariuki Kiragu says:
    6 years ago

    We should be thinking of ways to get rid of them as soon as possible.

    The cooperative sector has enough liquidity (about US $ 6 b) to undertake all these ventures without a penny from foreign sources….And, as Pres. Mugabe says, these minerals are not perishable…. they can stay underground till we can use mine and process them on our own.

    What is the point of rushing to get, say, 10 % of sh 1 trillion while a 10-year preparatory wait would give, say, 70 % of the same trillion adjusted for value?

    Reply
  3. Koitalel Samoei Reincarnated says:
    6 years ago

    African leaders are just but puppets who are being used by Western colonializers to loot our natural resources. Thomas Sankara,Gadafi,Lumumba was the true pan africanist. to hell with the likes of Kenyatta’s,musevenis and other greedy leaders.

    Reply
  4. Jay Chate says:
    6 years ago

    I wonder who rules The British?

    Reply
    • Kalanda Bongo says:
      6 years ago

      Good question? Who is that?

      Reply
    • Muiruri says:
      6 years ago

      Haha, good question Jay. Good question.

      Reply
  5. Sheikh Juma Ngao says:
    6 years ago

    Why Kenyans are very poor if we have all natural resources that can make all Kenyans have a better living.?puting bad leadership to govern the nation is the major reason why Kenyans are living at the center of the poverty line,god help Kenyans,

    Reply
  6. Maureen Mantell says:
    6 years ago

    My husband and his brother and sister were all born in Kenya in the late 1920’s and early 1930’s.

    Would they now be eligible for British Citizenship?

    Reply
  7. Ndung'u says:
    6 years ago

    The fake leaders handle national natural resources like a private business what do we expect, ?? Africa is on the table and every Dick and Harry wants a bite.. can’t they leave us alone? ? enough of the white supremacy. ..

    Reply
  8. Ciru says:
    5 years ago

    Has anyone tried standing up to the men who control African leaders? They don’t even let you speak. They rudely interrupt you and beat you into submission.

    Reply
  9. Abdikadir Hirbo says:
    5 years ago

    I’m from marsabit

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *




Latest Articles

  • Zipline successfully completes Kisumu test flight ahead of Commercial Launch of its Operations in Kenya
  • Standard Chartered advises investors to “play It safe” in its global economic outlook report
  • Renewable energy key to powering sub-Saharan Africa’s Health Sector
  • Reshaping the future of Africa through clean renewable energy solutions
  • Zipline and Rwanda government Partner to Serve the Country with Instant Logistics
  • COVID-19 Spurs growth of E-commerce in Kenya, Study Reveal
  • Renewable Energy Distributor secures Ksh 332 million funding to aid with climate change
  • Zipline ranked best Drone Service Provider in the World in 2022
  • Role of data in implementing the Abuja declaration on Fertilizer for the African green revolution
  • Power Up coalition calls for Green affordable energy in Africa at COP27 in Egypt

TOP SEARCHES

acquisition AfDB Africa Airtel Banks brexit CBK Central Bank Central Bank of Kenya China COVID-19 dividends energy Equity Bank Equity Group Equity Group Holdings Finserve High Court ICT Imperial Bank Insurance interest rates Jambojet Jumia KCB KDIC KenGen Kenya Kenya Airways KRA M-Pesa MD mKey MPesa NSE Patrick Njoroge profit profits Safaricom shareholders shares SMEs StarTimes Tanzania Uhuru Kenyatta




  • Money & Markets

© 2020

No Result
View All Result
  • Money & Markets

© 2020

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In