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(Alliance News) - Shares in Kefi Gold & Copper PLC slumped on Wednesday after the company said that security concerns at its Tulu Kapi gold mine in Ethiopia have resulted in work being paused.
Shares were down 22% to 1.25 pence each in London near midday.
The gold exploration and development firm did not disclose details of the disruption caused, although it said it was ready for project construction to proceed and would prepare for the development phase's launch as soon as possible in the fourth quarter of 2021.
Kefi said it remains optimistic that the development phase of the Tulu Kapi project would still be launched before the end of 2021 with the start-up of production in 2023. Last month the company announced it would use a funding package of USD356 million to develop infrastructure at Tulu Kapi, along with the start-up of the open pit mine and the initial development of the underground mine.
In separate news, the gold explorer's Hawiah copper-gold project in Saudi Arabia continues its fast-track programme to produce an expanded mineral resource estimate and the preliminary feasibility study for development, Kefi said.
The company's interim financial results will be released on Thursday.
By Will Paige; willpaige@alliancenews.com
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