Balala begins plans for Mining Companies to trade in the Stock Exchange.

Kenyans in the Mining Sector could soon trade in the Nairobi Stock Exchange if plans to establish the metals and Minerals exchange take shape. Mining Cabinet Secretary Najib Balala Wednesday (7th August 2013) met officials from the Nairobi Stock Exchange, Central Bank of Kenya, the Capital Markets Authority and Vision 2030 delivery secretariat, to work out modalities of establishing the Minerals and Metals Exchange . Consequently, a team has been formed under the chairmanship of Mr. Peter Mwangi CEO Nairobi Stock Exchange to work around this issue , research and advise the Cabinet Secretary on how mining companies can be encouraged to list in the stock Exchange . Managing Director of Specialized Investments Solutions Ltd Simon Village , will provide technical advise and support to the team. Speaking during the meeting, Balala said the Ministry of Mining intends to create an industry around mining and the establishment of the minerals and metals exchange is just one of the many ways to achieve this. Other ways include undertaking of a nationwide airborne geophysical survey to establish the countrys mineral worth, establishment of the National Mining Corporation as an investment arm of the government, Establishing a state of the art Mineral Certification Laboratory, Establishing Mineral processing and value addition clusters with gold refinery, iron and steel plants glass manufacturing industry, gemstone cutting centers and building materials factories for cheaper housing. It is evident that Kenya is endowed with a variety of mineral resources which are capable of contributing significantly to the countrys socio-economic development as envisaged in the seventh pillar under Vision 2030 said Balala The Cabinet Secretary said the recent move to revoke about 43 prospecting, mining and exploration licenses was meant to pave way for a more clearer and transparent way of licensing in the sector and urged those affected to cooperate with the task force that has been formed to look into the process of issuance during the transition period and also from the year 2003 to date.
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Earlier on, Balala met a Mining delegation from China under the umbrella of the Blue Ocean Investment Fund, a global mineral investment institution in Beijing China where issues to do with Kenyas geological conditions and mining developments were discussed. Balala has 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. ..