Regional OverviewEast Africa - Mineral Endowment and Investment Context
East Africa is Hasnihl Capital's founding region - the origin of our gold export advisory practice and the home of our Nairobi headquarters. The East African Rift Valley has generated some of the most productive goldfields on the continent, while the coastal belt holds significant titanium-ilmenite and rare earth deposits. Uganda's artisanal gold sector, Tanzania's world-class mines, and Kenya's emerging niobium and fluorspar industries offer a broad spectrum of investment opportunities at every scale.
East Africa's commercial and financial hub. Kenya's mineral sector is anchored by artisanal and small-scale gold production in Migori County, one of Africa's richest high-grade vein systems. The Kwale coast hosts the world's largest titanium-ilmenite operations outside Australia. Mrima Hill in Kwale County carries globally significant niobium and rare earth reserves. The Kerio Valley fluorspar deposit is a major global supplier.
Regulatory Framework
Mining & Petroleum Directorate (MPD) under the Ministry of Energy. Governed by the Mining Act 2016. Foreign investment permitted with Kenyan directorship requirements. Royalties: 5% gold, 2% industrial minerals. Export requires Central Bank of Kenya clearance for gold dore.
Investment Climate
Stable and investment-friendly. Nairobi is East Africa's commodity finance hub. LBMA-connected refineries operate in-country. Kenya is a founding EITI member.
Uganda is East Africa's fastest-growing gold exporter by volume, with significant artisanal and small-scale production across the Eastern, Western, and Central regions. Formalisation of the ASM sector is ongoing under the Directorate of Geological Survey and Mines. Significant cobalt co-production potential exists alongside the gold. The Lake Albert oil discovery adds an energy dimension to Uganda's resource profile.
Regulatory Framework
Directorate of Geological Survey and Mines (DGSM) under the Ministry of Energy and Mineral Development. Governed by the Mining Act 2003 (amended). Export requires DGSM export permit and Bank of Uganda gold valuation certificate. Royalty: 3% gold.
Investment Climate
Improving. Legislative modernisation is underway. ASM formalisation creating new entry points. Political risk is moderate - assess on a transaction-by-transaction basis.
Tanzania hosts some of Africa's most important gold assets - AngloGold Ashanti's Geita mine is the continent's largest by output, while Barrick's Bulyanhulu and North Mara mines anchor the Lake Victoria Goldfields. Tanzania is the world's exclusive source of tanzanite, found only in the Merelani Hills near Arusha. The 2023 Mining Act has meaningfully improved the investment framework following a turbulent 2017-2019 period of resource nationalism.
Regulatory Framework
Tanzania Minerals Audit Agency (TMAA) and Mining Commission. Governed by the Mining Act 2010 (revised 2023). Royalties revised downward under 2023 reforms: 4% gold, 5% diamonds and tanzanite. Local content requirements apply.
Investment Climate
Significantly improved post-2023. Barrick and AngloGold expansions signal renewed institutional confidence. Tanzanite sector actively seeking international buyers.
Rwanda is the world's most advanced jurisdiction for 3TG (tin, tungsten, tantalum, gold) conflict-minerals compliance, having implemented the OECD Due Diligence Guidance framework more comprehensively than any other African nation. The Rwanda Mines, Petroleum and Gas Board manages one of the continent's most transparent licensing regimes. Rwanda acts as a regional mineral trading hub for eastern DRC production.
Regulatory Framework
Rwanda Mines, Petroleum and Gas Board (RMB). Mineral trading companies require RMB certification. Full OECD DDG compliance is mandatory. 3TG export requires iTSCi or equivalent chain-of-custody documentation.
Investment Climate
Excellent governance, transparent licensing, zero tolerance for conflict minerals. Premium destination for ESG-aligned institutional buyers.