The Kenyan Government is planning to form a national mining corporation which will act as the investment unit of the government.
The proposed state-owned mining company is a strategic vehicle which will facilitate joint ventures with private investors, Daily Nation reported.
Mining cabinet secretary Najib Balala was quoted by the publication as saying that the proposed law will be submitted to parliament for debate and adoption following the Cabinet approval, and will include views from public and other stakeholders.
The latest mining bill, which has a provision for the government to take nearly 35% of shares in the companies, will ensure that the investments in the industry are working in the interest of public, Balala said.
It is also expected to simplify the process of licensing the investors, implementing relevant studies and promoting community participation.
Kenya has potential resources for iron and steel, coal, oil, gas, gold, zinc, copper, silver, titanium and zirconium, rare earth metals and niobium, among others.