Foreign investors win battle for control of mining firms
27 June 2013, 12:03
Nairobi - Kenya is set to repeal a controversial law requiring foreign mining firms to cede 35 per cent ownership to local investors in an effort to help attract more investments in the extraction sector.
In a statement to Business Daily, Mining Secretary Najib Balala said the law introduced last October is among the key changes proposed to the Mining Bill being refined at the Attorney-General’s office.
Balala went on to add that the rule introduced last October in a bid to help maximise the benefits from the fledgling sector triggered anxiety among foreign-owned mining firms.
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