Pacific Wildcat Resources Corp (PWCRF)

[Rocketred]

David Anderson, managing director of the firm’s Kenyan unit, said officials told him the government should have a stake in the Mrima Hill project. They proposed a solution: the mining license should be transferred to a new company, with Kenya receiving a free carried interest of 10 per cent to 50 per cent. Kenya has called for a 10 per cent interest in other projects as part of a new mining law. But in this case, it hoped to get up to half of it for free, according to the company.

“This left our chairman and CEO speechless,” Anderson said in an emailed response to questions. “We were told to go and think about it or there would be no restoration of our license.”

http://business.financialpost.com/commodities/mining/canadian-firms-cry-foul-over-kenyan-government-as-obama-visits