[miningmx.com] – KENYA is to form a state-owned company that will hold stakes in mines and establish a sovereign wealth fund to manage income from the industry, said Bloomberg News citing the country’s mining secretary, Najib Balala.
The country is also repealing a law that asked for 35% domestic ownership of mining projects reducing government ownership to 10%, the newswire said. The new law was expected to be enacted in November.
“We are waiting for the new bill to be approved by Cabinet and parliament,’ Balala told Bloomberg News.
“My plan is to have a metal and minerals exchange, to have a gold refinery and exchange in Kenya and also to be a value-addition centre for gemstones, iron ore, manganese and heavy metals,’ he said.
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