Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Phase 4 of Hawiah’s 2021 drilling programme is nearing completion – approximately 14,000m of 15,500m completed
· Updated Hawiah Mineral Resource Estimate (“MRE”) on track to be reported in Q4 2021
· The upgraded and expanded MRE is likely to enhance Project economics in the Preliminary Feasibility Study (“PFS”) due to higher grade and increased tonnes
· Metallurgical testing, environmental and hydrological programmes are progressing well
· Project work streams on track to achieve KEFI’s target of Hawiah commencing development in 2023
Harry Anagnostaras-Adams, Executive Chairman of KEFI, commented:
“KEFI continues to add significant value to our Hawiah copper-gold-zinc-silver project in Saudi Arabia, where we reported a maiden Mineral Resource Estimate of 19.3 million tonnes at 1.9% copper-equivalent in-situ in August 2020, after starting drilling less than 12 months earlier. At current market prices this represents a current in-situ value of over US$3bn worth of metal.
“And now another 12 months later, the results indicate we will within a few months be in a position to report a larger resource at higher grade. Recent infill drilling has also better defined the ore lodes and will upgrade a substantial portion of the near-surface Inferred Resources to the Indicated category.
“Our team has also been advancing key work streams for the Preliminary Feasibility Study with metallurgical, environmental and hydrological programmes now well advanced. This work is supporting the assumptions of our 2020 Preliminary Economic Assessment, including that all four primary metals (copper, gold, zinc and silver) will be recovered and contribute to Project revenue.
“An economic project has already been identified, but we are still very much in the early days of defining the full potential of the Hawiah Project. The ore lodes drilled to date remain open and we have yet to locate the ‘feeder zone’ to the massive sulphide lodes, which represents a separate and potentially much larger-scale target.
“With copper prices now more than 30% higher than a year ago, Hawiah continues to increase in value and strongly complements our Tulu Kapi Gold Project in Ethiopia.”
Sorry. I meant revised PEA due this quarter on further drilling. Yes PFS a little way off but that would be done just before financing was needed.
If they do it will certainly de-risk the project. I agree it is likely to be quite short but that will equally motivate all parties to stop messing around and get on with signing the finance off. We should get some news very soon but hopefully more substantial news that we can see a date when this will all conclude as Kefi are in the last chance saloon and need to seize the opportunity and have proper risk management to have all contingencies in place so not caught out as certain powers might want Kefi to come unstuck so everything needs to be managed correctly.
Hi Simms, can you please clarify where did you get Hawiah PFS by end of the year info/data from?
My understanding is that further drill results to expand resources will be available by end of the year. PFS is scheduled for Jun-22. I believe HAA clarified this in the recent webcast or webinar. I would be more than happy to have Hawiah PFS by end of this year :)
Simms - agreed MOM will extend the licence but they are unlikely to extend it forever if HAA drags his feet again..
I am expecting the MOM to now extend the license or come to some agreement and this should be reported before the end of the month to give clarity and this should give a further boost. The Hawiah PFS should be also somewhere before the end of the year so could provide additional momentum to change the mood. A RNS confirming key investors meeting in Ethiopia would be a really good one but plenty of possibility for good news and and hope Harry can now seize the opportunity before the end of year. GLA
Yep one is cash motivation. Second is his job. If HAA doesn't close finance on time, Ministry of mines will threaten or pull out licence. HAA must deliver by dec-21 or simply move on.
I sincerely hope HAA delivers finance for all the faithful long term shareholders and for his own reputation.
GL
It will now be interesting to see if the bonus of half a million motivates the CEO to perform by 31 December. He has to take the action that will get the share price more than doubled by then and raise £20 million all within 2 months….is he capable of achieving this task. Let’s hope so.