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Sunday, May 23, 2010

Gold Price Spurs Kenyan Exports

Output Trebles As Price Rockets

Official data released by the Kenyan government shows that metal minerals performed better in 2009 than non-metal minerals.

Earnings from gold rose almost four times to Sh2.3 billion ($276 million) against Sh593 million ($72 million) in 2008 as the price of gold – traditionally a safe haven in times of recession – rose sharply on the international market. Production more than trebled from 0.3 tonnes to 1.1 tonnes.

Fluorspar brought in Sh123 million ($14.5 million).

The price of gold rose from $834 per ounce at the end of 2008 to $1095 per ounce at the end of 2009. The current price is around $1179 per ounce.

Prices of gold in the international market have leapt from $834 per ounce by close of 2008 to $1,095 by end of last year.

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