Kefi Gold & Copper PLC - gold explorer in Ethiopia and Saudi Arabia - Reports a widening interim loss as the company increases its expenditure in its bid to develop mines in Ethiopia and Saudi Arabia to generate revenue. For for the first half ended June 30, Kefi posts a pretax loss of GBP2.2 million compared to GBP1.1 million a year before. The firm is still yet to generate revenue from operations. Current gold and copper prices mean that the firm's Saudi and Ethiopian projects are "even more attractive", Kefi states. Maiden discoveries are reported in Saudi Arabia, mainly for copper and gold at Hawiah, as well as for zinc, silver and gold at Jibal Qutman.
In addition, 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 says.
The news comes after Kefi shares slumped on Wednesday following the announcement that security concerns at its Tulu Kapi gold mine in Ethiopia had resulted in work being paused. The gold exploration firm did not disclose details of the disruption caused, although 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.
Current stock price: 1.14 pence, down 9.2% Thursday
Year-to-date change: down 40%
By Will Paige; willpaige@alliancenews.com
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Kefi Gold (KEFI)