Stamigold to be audited by prevention and combating corruption bureau (PCCB)

The newly appointed minister for mining Minister Angela kairuki has directed the prevention and combating corruption Bureau to audit the state owned mine ,stamigold and take legal actions to the workers due to unclear expenditures.

Minister Kairuki made the direction last week when she toured the mine site which is located in Biharamuro.

Also she directed the mine board of directors to submit the operations cost inorder to determine if the procurement procedures were met. The minister who is a lawyer by professional said that the mine is overwhelmed by debts because of the machine leasing.

'' The cost of machine leasing is very high, this makes the cost of production to rise, STAMIGOLD can buy its own equipment. We want this mine to be profitable so submit to the ministry the business plan which shows the cost of production, revenue and profit'' the minister told STAMIGOLD management.

The Company ,which has estimated resource of more than 200,000 troy ounces, is a subsidiary of the State Mining Corporation, engaging in prospecting, exploration, development, production and processing of gold, it also market gold within foreign markets.