Fraser Institute's global annual survey of mining companies for 2023 also placed Kenya at position 46 on the global stage.
Their operations will remain closed until all legal requirements are fulfilled and royalties owed to the government are duly paid.
This is part of reforms to combat mineral smuggling through the region's busiest port.
CS Mvurya said the government came up with a well-formulated Royalty Fund Sharing Bill to allow the National Treasury to disburse the money smoothly.
This is part of mine rehabilitation, a restoration process that ensures land used in mining is made available for economic activities, conservation, and diverse community uses.
Mvurya said plans to revitalise the once-neglected sector had proven fruitful, benefiting small-scale artisanal miners who previously received little attention due to a lack of organisation.