RCS - KEFI Minerals plc - KEFI Congratulates Abiy Ahmed

KEFI Gold and CopperAnnouncement

14/10/2019 07:05

RNS Number : 6988P
KEFI Minerals plc
14 October 2019
 


14 October 2019
KEFI Minerals plc
("KEFI" or the "Company")
KEFI Congratulates Abiy Ahmed
 
 
KEFI (AIM: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, would like to congratulate the Ethiopian Prime Minster, His Excellency Abiy Ahmed, on being awarded the Nobel Peace Prize and this recognition of the profound and progressive advances on many fronts that have been embraced by the Federal Democratic Republic of Ethiopia.
 
KEFI is proud to have formed a public-private joint venture for the development of the Tulu Kapi Gold Project (the "Project") in Ethiopia.  The Company looks forward to the imminent commencement of the Project development with the closing of the Project equity ‎funding still expected before the end of October 2019. 
 
Enquiries



KEFI Minerals 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, Soltan Tagiev


 




 


 




Brandon Hill Capital Ltd (Joint Broker)


+44 (0) 20 7936 5200




Oliver Stansfield, Jonathan Evans


 




 


 




IFC Advisory Ltd (Financial PR and IR)


+44 (0) 20 3934 6630




Tim Metcalfe, Florence Chandler


 



 
Notes to Editor
KEFI Minerals plc
KEFI is focused primarily on the advanced Tulu Kapi Gold Project development project in Ethiopia, along with its pipeline of other projects within the highly prospective Arabian-Nubian Shield. KEFI targets that production at Tulu Kapi generates cash flows for capital repayments, further exploration and expansion as warranted and, when appropriate, dividends to shareholders.
KEFI Minerals 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.
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 seven-year period. All-in Sustaining Costs (including operating, sustaining capital and closure but not including leasing and other financing charges) remain c. US$800/oz. 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. An area of over 1,000 square kilometres adjacent to Tulu Kapi has been reserved for exploration by KEFI upon commencement of development, with a view to adding satellite deposits to development and production plans.
KEFI Minerals in the Kingdom of Saudi Arabia
In 2009, KEFI formed 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 40% interest in G&M and is the operating partner.
ARTAR, on behalf of G&M, holds over 20 EL applications. ELs are renewable for up to three years and bestow the exclusive right to explore and to obtain a 30-year exploitation (mining) lease within the area.
The Kingdom of Saudi Arabia has announced policies to encourage minerals exploration and development, and KEFI Minerals supports this priority by serving as the technical partner within G&M. ARTAR also serves this government policy as the major partner in G&M, which is one of the early movers in the modern resurgence of the Kingdom's minerals sector.




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