RCS - Kefi Gold and Copper - Africa Down Under Presentation

KEFI Gold and CopperAnnouncement

31/08/2022 07:00

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RNS Number : 6276X  Kefi Gold and Copper PLC  31 August 2022

31 August 2022

 

KEFI Gold and Copper plc

("KEFI" or the "Company")

Africa Down Under Presentation

KEFI (AIM: KEFI), the gold and copper exploration and development company with
projects in the Federal Democratic Republic of Ethiopia and the Kingdom of
Saudi Arabia, is pleased to announce that KEFI's Executive Chairman, Harry
Anagnostaras-Adams, and Chief Operating Officer, Eddy Solbrandt, will be
providing a presentation today, Wednesday 31 August 2022, at the Africa Down
Under conference being held at the Pan Pacific, Perth, Australia.

 

The presentation is available on the Company's website
at https://www.kefi-goldandcopper.com (https://www.kefi-goldandcopper.com)

Enquiries

 KEFI Gold and Copper plc
 Harry Anagnostaras-Adams (Managing Director)                         +357 99457843
 John Leach (Finance Director)                                        +357 99208130
 SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker)  +44 (0) 20 3470 0470
 Jeff Keating, Adam Cowl
 Tavira Securities Limited (Joint Broker)                             +44 (0) 20 7100 5100
 Oliver Stansfield, Jonathan Evans
 WH Ireland Limited (Joint Broker)                                    +44 (0) 20 7220 1666
 Katy Mitchell, Andrew de Andrade
 IFC Advisory Ltd (Financial PR and IR)                               +44 (0) 20 3934 6630
 Tim Metcalfe, Florence Chandler

 

KEFI Gold and Copper plc

 

KEFI is focused primarily on the advancement of its three development projects
in Ethiopia and Saudi Arabia, plus its pipeline of highly prospective
exploration projects in these two large jurisdictions of the under-explored
Arabian-Nubian Shield.  KEFI targets that production at Tulu Kapi in Ethiopia
and Jibal Qutman in Saudi Arabia will, between them, generate cash flows for
capital repayments, further organic growth and dividends to shareholders.

 

Both TKGM and G&M are technically guided and supported by KEFI so that
each of these operating joint venture companies as soon as possible builds the
local organisational structure suitable for long term production as well as
exploration and future development opportunities.

 

KEFI Gold and Copper in Ethiopia

 

Ethiopia is currently undergoing a remarkable transformation both politically
and economically.

 

The Tulu Kapi gold project in western Ethiopia is being progressed towards
development, following a grant of a Mining Licence in April 2015. No other
mining project of this scale in Ethiopia has been brought to Tulu Kapi's stage
of advancement during recent years and Tulu Kapi will be the first industrial
scale mine development in Ethiopia in over 30 years. It has taken years of
extensive technical re-design of the project, years of overhaul by the
Ethiopian authorities of financial policies which previously hindered mining
project finance and the patient and cautious traversing by the Company of
recent well-publicised events within the country. The project has imposed many
demands on a regulatory system which the Ethiopian Government continues to
upgrade, determined to build a modern minerals sector. KEFI is honored to play
its part in this process and has assembled a first-tier syndicate of
international industry expert management, contractors, banks and investors.

 

The Company has now refined contractual terms for project construction and
operation. Estimates include open pit gold production of c. 140,000oz pa for a
7-year period. All-in Sustaining Costs (including operating, sustaining
capital, royalties and closure but not including leasing and other financing
charges) remain c. US$800-1000/oz depending on the gold price. Tulu Kapi's Ore
Reserve estimate totals 15.4Mt at 2.1g/t gold, containing 1.1Moz.

 

All aspects of the Tulu Kapi (open pit) gold project have been reported in
compliance with the JORC Code (2012) and subjected to reviews by appropriate
independent experts.

 

A Preliminary Economic Assessment has been published that indicates the
economic attractiveness of mining the underground deposit adjacent to the Tulu
Kapi open pit, after the start-up of the open pit and after positive cash
flows have begun to repay project debts.

 

KEFI remains keen to re-commence its exploration of the additional prospects
it has successfully identified within the Tulu Kapi district exploration area
from within which the mining licence was duly excised as a result of the
successful discovery of the Tulu Kapi deposit. Whilst most historical drilling
was naturally of the Tulu Kapi deposit, there was significant work done on
many further prospects which await follow-up.

 

Whilst awaiting regulatory permission to re-activate the Company's Ethiopian
exploration, which is critical for long term planning for all stakeholders in
the community as well as the Company, the exploration focus has been
successfully switched to Saudi Arabia.

 

KEFI Gold and Copper in the Kingdom of Saudi Arabia

 

In 2009, KEFI formed Gold & Minerals Limited ("G&M") in Saudi Arabia
with local Saudi partner, ARTAR, to explore for gold and associated metals in
the Arabian-Nubian Shield. KEFI has a c. 30% interest in G&M.

 

ARTAR, on behalf of G&M, and G&M directly held over 16 Exploration
Licence (EL) applications pending the introduction of the new Mining Law.
These new regulations have recently been proclaimed and G&M has had seven
new licences issued in the past nine months - more licence grants than in the
previous 14 years and all highly prospective and strategically important for
G&M, ELs are renewable for up to five years and bestow the exclusive right
to explore and to obtain a 30-year exploitation (mining) licence within the
area.

 

In addition, G&M has a Mining Licence Application over the Jibal Qutman
Gold Project which recent informal indications by the authorities provide some
confidence that the licence will be granted shortly.

 

 

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