From African Business Journal.
The Kenyan government proposed repealing a mining law that requires foreign mining companies to give 35 percent of their projects to local shareholders.
The 35 percent law was introduced in October to help maximize benefits Kenya reaps from the mining sector. However, it has caused major concern among foreign-owned companies already in the country.
Mining Secretary Najib Balala said removing this condition from the bill would help restore investor confidence and encourage new foreign investment in the country.
“A vibrant mining sector will create jobs and generate significant revenues for the government,” Balala said. “We are here to crowd investors in and not out.”
Read more at African Business Journal.