LONDON (Alliance News) - KEFI Minerals PLC Monday said Ethiopia's Ministry of Mines has renewed its exploration licence for the Tulu Kapi gold project until May 2015.
KEFI said the ministry also is in the process of renewing the strategic exploration licences adjacent to Tulu Kapi.
The company is targeting reactivation of the mining licence application at Tulu Kapi by the end of 2014.
"The renewal of the exploration licence means we are set to move forward quickly once the Mining Licence Application has been reactivated," Managing Director Jeffrey Rayner said in a statement. "We are delighted with the progress we have achieved on this project to date, and we look forward to reaching a number of further milestones over the next six months."
Last week, Nyota Minerals Ltd said it had agreed to sell its remaining 25% in the Tulu Kapi gold project to KEFI for GBP1.5 million in cash and shares, after failing to fund its cash calls for the site.
KEFI shares were quoted down 2.2% at 1.59 pence Monday morning.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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