Kenyan firm to invest in local mine

15/06/2011 - Kenya property & investment news Posted by Neil King
Kenyan firm to invest in local mine

The Kenyan Devki Group is set to invest in a local mine or the production of mined limestone.Over the course of the next six months, the company aims to start producing clinker from the mine, while it will expand to mine copper from the Democratic Republic of Congo early next year.Speaking to Reuters, the company's chairman Raval Guru said that the firm aims to invest around $160 million in the projects.This will primarily be funded by commercial bank and syndicate loans.Mr Guru said: "Mining of limestone, together with the clinker plant, will cost $140 million in Kenya."He added that a further $20 million is required to start the copper mining process in the Congo, while an initial $20 million has already been invested there.At the moment, Kenya depends on imports for clinker. Sourcing the key cement ingredient locally should reduce the cost of the end product by about 15 per cent.