KEFI (AIM: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, has provided its latest quarterly operational update.
This update encompasses the activities of KEFI Minerals (Ethiopia) Ltd (KME) and Tulu Kapi Gold Mines Share Company (TKGM) in Ethiopia, and Gold & Minerals Ltd (GMCO) in Saudi Arabia, for the period from 1 October 2022 to 31 December 2022. along with any material subsequent developments.
The Tulu Kapi Gold Project is under TKGM (planned to be c.80% owned by KEFI). The Hawiah Copper-Gold Project, the Jibal Qutman Gold Project and other Saudi projects are under GMCO (now planned to be c.30% owned by KEFI).
Both TKGM and GMCO are technically guided and supported by KEFI so that each of these operating joint venture companies can build a local organisation suitable to manage long-term production activities, further exploration programmes and exploit future development opportunities.
“KEFI continues to progress its three advanced projects: the Tulu Kapi Gold Project in Ethiopia which is now finalizing the project’s US$320 million financing, the Jibal Qutman Gold project in Saudi Arabia targeting start-up at the same time as Tulu Kapi and the Hawiah Copper-Gold project, also in Saudi Arabia, already larger than the other two projects combined and planning construction after the two gold projects have started production,” Executive Chairman, Harry Anagnostaras-Adams, said.
“In Ethiopia we have already launched key initial aspects of the Tulu Kapi development and intend to continue our staged build up to full launch in full collaboration and support of all key stakeholders. Our holding is now planned to be c.80%.
“In Saudi Arabia during 2023 we focus on the Definitive Feasibility Study and project financing for Jibal Qutman, the Pre-Feasibility Study for Hawiah and the regional exploration programme. Our holding is now planned to be 25-30%.
“It has taken a huge effort over a much longer period than we had anticipated in both countries to deal with innumerable frontier market (for mining) challenges and we greatly appreciate the patience and support of all stakeholders and, in particular, of our host governments and communities, our partners and of course our financiers and shareholders.
“We have built a growing resource inventory of c.5Moz in gold-equivalent terms. That, together with the quality of our projects and our teams, is the reason we have assembled first-tier partners, contractors and financiers. We look forward to reporting more details as we advance each project.
“We also note that some international stock markets appear to be recovering and we have prioritised our planning for a dual-listing and, in particular, we are examining a dual-listing in Saudi Arabia, which is rapidly emerging with a significant role in our region of operations, especially within the minerals sector.”
For further information please visit: https://www.kefi-goldandcopper.com/
