(Alliance News) - Kefi Gold & Copper PLC on Wednesday said it expects to be able to go ahead with the launch of its Tulu Kapi project despite violence in Ethiopia.
The Ethiopia-focused gold and copper company said it plans to launch its Tulu Kapi project over the coming months in line with the Ethiopian government's upgrade of security protections. The firm said it does not expect the state of emergency in the Amhara region to disturb the launch of the project.
The company noted that it has secured regional financing for the project of USD320 million, while adding that its mining contractor will supply a USD70 million mining fleet.
Kefi said first production at the site is planned for the end of 2025.
Meanwhile, the company said it expects its Jubal Qutman project in Saudi Arabia to launch in 2024, and begin production at the end of 2025. Its Hawiah Copper-Gold mine in Saudia Arabia is set to launch in 2025 and begin production in 2027.
Kefi noted that it has working capital in place to launch the Tulu Kapi project. It added that it repaid all of its debts in June, as well as raising USD7.2 million in May, via a GBP5.5 million share placing, as well as a subscription, retail offer and issue of remuneration shares to senior executives.
Kefi shares fell 2.3% to 0.59 pence each on Wednesday afternoon in London.
By Harvey Dorset, Alliance News reporter
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Kefi Gold (KEFI)