Plan for listing mining firms on NSE mooted

August 8, 2013
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In a meeting with Nairobi Security Exchange, Central Bank of Kenya, the Capital Markets Authority and Vision 2030 Delivery Secretariat, the team discussed how to get the mining companies encouraged to list in Kenya/FILE
In a meeting with Nairobi Security Exchange, Central Bank of Kenya, the Capital Markets Authority and Vision 2030 Delivery Secretariat, the team discussed how to get the mining companies encouraged to list in Kenya/FILE

, NAIROBI Kenya, Aug 8 – Mining Cabinet Secretary Najib Balala has set the stage for a metals and minerals board at the Nairobi Securities Exchange to enable listing of mining companies.

In a meeting with Nairobi Security Exchange, Central Bank of Kenya, the Capital Markets Authority and Vision 2030 Delivery Secretariat, the team discussed how to get the mining companies encouraged to list in Kenya.

He said that this was among initiatives the ministry has in order to create an industry around mining by ensuring significant value is achieved in Kenya.

The ministry also plans to establish mineral processing and value addition clusters with gold refinery, iron and steel plants, glass manufacturing industry, gemstone cutting centres and building materials factories for cheaper housing.

Balala further noted that the recent move to revoke tens of prospecting, mining and exploration licenses was meant to pave way for a more clearer and transparent way of licensing in the sector.

He urged companies affected to cooperate with the task force that has been formed to look into the process of issuance during the transition period around the 2013 elections, and also from the year 2003 to date.

Balala assured investors that the government will hold them with as much esteem as it holds its citizens adding that mining companies for both local and foreign investors will be safeguarded.

On Monday (August 5) all mining licenses issued from January to May this year were revoked.

Balala said most of the licenses were issued under questionable circumstances to unqualified people and companies.

The licenses were allegedly awarded after the dissolution of the 10th Parliament with Balala saying that there was no proper legal framework for the process.

“We are revoking all licenses from miners and mining companies for us to understand the process used to issue them and confirm that the people they were awarded to are qualified to hold them,” said Balala when he made the announcement.

Also revoked were all licenses of mining companies that are registered under the Export Processing Zone Authority (EPZA).

The companies were allegedly operating under EPZA to evade taxes.

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