(Alliance News) - KEFI Minerals said Friday it has approved financing proposal for the Tulu Kapi gold mine in Ethiopia and that it has discovered a polymetallic deposit at Hawiah project in Saudi Arabia.
KEFI Minerals shares were trading 13% lower in London at 1.20 pence each on Friday.
The gold exploration and development company said during the fourth quarter of 2019, it approved a new project infrastructure debt-finance proposal received from "two leading African banks as underwriters and co-lenders."
"A terms sheet was signed, which is subject to credit approval, and which provides better economics for Tulu Kapi," the company said.
KEFI also said it has commenced the off-site development programme for the Tulu Kapi. The next steps are to launch the on-site development and community resettlement, execute all documents and complete scheduled preparations leading to major works, starting from October.
Elsewhere at Hawiah copper-gold-zinc-silver exploration project in Saudi Arabia, the first 45 drill holes identified "three distinct massive sulphide lodes."
"All of the massive sulphide assays received to date had encouraging grades of copper, gold, zinc and silver," the company said.
The next step is to complete the current stage 2 drilling programme, KEFI added.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Kefi Gold (KEFI)