Companies Base Titanium to take hit on depletion of Kwale minefieldBase Titanium factory in Kwale County where the minerals are processed. Base Titanium also spent $18.1 million (Sh2.5 billion) on utilities and other services rendered by State corporations, while other payments relating to permits, licence fees, customs duty and other entry fees totalled $2.64 million (Sh370 million). The company paid a total of $32.1 million (Sh4.4 billion) in royalties and taxes in the 12 months to June 2021. The royalty rate payable to the government was doubled to five percent of titanium sales last year as part of an agreement that saw Base Titanium get a larger mining area while the government kept value-added tax (VAT) refunds that were due to the miner. Production will then be concentrated on the North Dunes, extending the life of the operation to late 2024.

Source: The North Africa Journal June 27, 2023 08:56 UTC