INFO FOR ANY NEW INVESTORS6 Jan 2020 09:35
KEFI
Just a summary, for any new investors, of our resources and where we are with them.
Saudi:
We have a JV with Sheikh Al Rashid and his family (40% owned by KEFI) across 2 mines (Jibal Qutman where around 700,000 ounces of gold have been identified) and Hawiah EL, where recent drilling has shown up to 4.2% Copper grades and also gold. We are awaiting the Gold results, however previous drilling had shown up to 7% Gold. These current results have been stated by the company as ‘potentially analogous to some world class discoveries in the Arabian-Nubian Shield.’ We also have c1,000sqKm of pending licences. In Saudi our licence is 200KM south of Barrack's mine (Ma'aden) - Ma'aden is the state and they bought 50% of the mine from barrack for $210M. Ma'aden is lead by the head of Saudi wealth fund ($320B) and also head of Saudi Aramco - who guess what - have just raised $25Billion to invest in other industry including mining!!! Ma'aden and Barrack say they want to buy more copper resources and our results so far look very good 'Wold Class'. So who knows what could happen in Saudi.
In Ethiopia we have spent our share of the costs (mostly) and it's now up the other partners (including the Gov) to stump up their money and we are hoping that this will happen very soon. It Saudi we are a partner with a Saudi company.
The resources in Ethiopia are c1M Oz gold and that is just what is on top - there is hope that there is ever more lower down or in the wider area, which Kefi says they will explore once the project commences. in addition we have another potential resource 50KM south 'Potential for 10-20Mt at 1.5% Cu; (15Mt at 1.5% Cu at $5000/t Cu = $1.1Bn insitu metal) ' - this was at 2016 values and Cu is much higher now.
Regarding our Tulu Kapi mine, which when operational will be the largest exporter in Ethiopia from a revenue perspective and due to commence in Jan 2020, the announcement on 17th Dec 2019 states that the government has started to construct a new road of 11 km from the main highway to the Tulu Kapi Project site.It was also announced that the Ethiopian Ministry of Mines has now registered the Company’s application for regional exploration licences over an area of 1200 km2 , one of the first to be registered under the newly launched licencing system for the country.
It was also announced just before Christmas that the World Bank /IMF have pledged $5B to Ethiopia to help it in areas such as mining.
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