REG - Kefi Gold and Copper - Tulu Kapi Operational Update

KEFI Gold and CopperAnnouncement

18/09/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240918:nRSR5947Ea&default-theme=true

RNS Number : 5947E  Kefi Gold and Copper PLC  18 September 2024

18 September 2024

KEFI Gold and Copper plc

("KEFI" or the "Company")

Tulu Kapi Operational Update

Early Works Progressing Well

KEFI (AIM: KEFI), the gold and copper exploration and development company
focused on the Arabian-Nubian Shield since 2008, is pleased to provide a short
operational update encompassing the recent activities with respect to the
Company's Tulu Kapi Gold Project ("Tulu Kapi" or the "Project").

Early Works at Tulu Kapi are progressing well, as follows:

·    Physical activities:

o Security: all required inspections have now been completed satisfactorily
and and no further inspections are required by any of the Tulu Kapi Project
funding syndicate members ahead of investment approval. This follows the
deployment of government agencies and private contractors. Independent
monitoring will continue throughout the life of the Project.

o Local Consultations: conducting a multitude of large and small group
briefings and consultations. These have been positively received by the local
stakeholders who continue to express their support for the launch of Major
Works.

o Community resettlement preparations: layout of a temporary construction camp
now involves the compensation of small subset of the land required for the
Project, which will assist the understanding and alignment of all
stakeholders.

 

·    Financing activities:

o Government has indicated it is ready to provide all ratifications required
for detailed definitive documents to be finalised and executed.

o All co-lender requests to date have been satisfied and our focus is now on
optimising the equity capital segment of the financing, focusing especially on
the Equity Risk Notes investment by co-lenders and local investors.

Harry Anagnostaras-Adams, Executive Chairman of KEFI commented:

"We steadily work through the Early Works programme and preparing for the
launch of Major Works.  We remain on track for entering into definitive
commitments from the funding syndicate next month, enabling financial close
and triggering of the Major Works.  We are grateful for the support and
collaboration being received from the community, government agencies and our
Project syndicate.

"And we are lucky that the gold price keeps setting new record highs and
Ethiopia has now re-joined the world's top 10 growth countries."

Enquiries

 

 KEFI Gold and Copper plc
 Harry Anagnostaras-Adams (Executive Chairman)       +357 99457843
 John Leach (Finance Director)                       +357 99208130

 SP Angel Corporate Finance LLP (Nominated Adviser)  +44 (0) 20 3470 0470
 Jeff Keating, Adam Cowl

 Tavira Securities Limited (Lead Broker)             +44 (0) 20 7100 5100
 Oliver Stansfield, Jonathan Evans

 IFC Advisory Ltd (Financial PR and IR)              +44 (0) 20 3934 6630
 Tim Metcalfe, Florence Chandler

 3PPB LLC (Institutional IR)
 Patrick Chidley                                     +1 (917) 991 7701
 Paul Durham                                         +1-203-940-2538

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDGPUBWBUPCGBM