File image: Reuters

Cabinet has approved a proposal to “hive off” the African Exploration Mining and Finance Corporation (AEMFC) from the Central Energy Fund group of companies, in order for it to operate as a nucleus for the State-Owned Mining Company.

This was stated in Thursday's post-Cabinet announcement in Parliament.

The statement said the State-Owned Mining Company would contribute to key national objectives such as beneficiation of strategic minerals for industrial development and employment creation, “as well as the imperative of ensuring long-term energy security”. - I-Net Bridge