Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
we can now hit the ground running (so to speak). Whatever happens with TK, this mine is going to happen!
"The re-issuance of the Jibal Qutman exploration licence is a critical milestone on the Jibal Qutman road to gold production. As previously announced, this licence, which covers the main Jibal Qutman resource area, will allow the exploration and project teams to re-enter the site and complete the field work and testing required to close out the DFS by the start of next year which will then be used to support the mining licence application.
"The exploration teams are also excited to get back into the field and start the process of expanding the existing resource at Jibal Qutman and making new discoveries in this highly prospective 270Km2 land package that has been created for KEFI's Gold and Minerals joint venture."
Measuring the Company’s underlying assets on an NPV basis, has resulted in the indicative NPV of its
three main assets of £306 Million¹. The basis for these estimates is consensus long-term price
forecasts and other explanations provided in the footnotes below. KEFI’s planned beneficial interest
in the underlying valuation of our Saudi Arabia projects (carried at Nil in our accounts) is now
approaching that of the Ethiopian Tulu Kapi Gold Project ($140 million being 73% of $193 million).
currently worth 24m....
The Tulu Kapi Gold Project is expected to be one of Ethiopia’s largest export generators with the first full year of production targeted to be in 2025 at approximately US$250 million, employment approximately 1,000 direct jobs and indirect employment of 5-10,000 people.
https://addisstandard.com/news-kefi-gold-govt-agencies-agree-on-action-plan-for-first-phase-community-resettlement-local-employment-upgrading-security-at-tulu-kapi-gold-mines-in-oromia/
I think this is what I was referring to - still some stuff for the EG to do? But we should be hearing v soon of the financial completion arrangements. Can't see any reason for any further delay. October could be a fantastic month for us!
starting in October 2022, pre-conditioned on the security situation being independently assessed as completely ready and the few remaining regulatory administrative tasks being completed.
Ha! - misread that - could be anytime in September
KEFIGOLD + COPPER
8
Next Steps
Tulu Kapi Launch
• September – Government to resolve final detail for both banks to lend on same terms
– Committee and board approvals of all key participants
Definitive agreements to be signed
https://www.kefi-goldandcopper.com/files/presentations/kefi-adu_conference-presentation-31aug22.pdf
just to be clear;
Tulu Kapi Launch
• August – Final contracting terms for the plant construction
– Final contracting terms for the mining services
• September – Government to resolve final detail for both banks to lend on same terms
– Committee and board approvals of all key participants
• October – Sign Definitive Project Finance Agreements and Trigger Launch
Jibal Qutman
• September – Issue Exploration Licences to allow mobilisation to field
• October – December – finalise DFS
• Q1–23 – Apply for Mining Licence and project finance
• Mid-23 – Financial Close, Trigger Procurement
Hawiah
• December – PFS
• 2023 – Expand resource and DFS
no dodgy investors here
Africa Finance Corporation, to date, has invested over US$ 6.6 billion in infrastructure projects, across 28 African countries
TDB was a large financial institution with assets exceeding US$5.56 billion. The bank had 38 shareholders, across two classes of shares, with shareholders' equity in excess of US$1.19 billion.
bought a bunch more at 0.6p - difficult to see how you can lose at this price when you factor in the huge Saudi assets. The licence was extended (again) till end of July so am expecting more news in next week. Most of it is down to EG approvals - who are heavily invested here - so difficult to imagine they would want to see any further delays on their part.
"Work is gathering pace on many fronts. We are firmly on track to achieve the following milestones in Q4 2022: in Ethiopia for financial close and the launch of construction of our Tulu Kapi Gold Project and in Saudi Arabia our larger Hawiah Copper-Gold Project to deliver its PFS.
"In addition, we have other exciting developments in Saudi Arabia. Our Jibal Qutman Gold Project is fast-tracking its DFS, mining licence and financing work so as to launch in 2023. Plus we have been greatly honoured by the Saudi authorities to be granted two new exciting gold exploration projects.
"KEFI now has an excellent project pipeline in two fast-improving (for mining) large jurisdictions within the highly prospective Arabian Nubian Shield. Three development projects lined up for sequential construction schedules leading to combined production of c. 400,000 oz gold or gold-equivalent per annum by 2026. Plus exciting earlier-stage exploration projects which can be addressed concurrently.
"This marks the beginning of an exciting chapter for both our joint-venture partnerships and continues to demonstrate our ability to operate as a first-mover explorer and developer in challenging environments."
In collaboration with the regulatory agencies at all four levels of the Ethiopian Government, notable progress during Q2-2022 included:
· initial community youth employment programmes being established which support the project, such as those covering road maintenance and expansion of revegetation nurseries;
· the Ministry of Mines has now audited and endorsed the historical project costs incurred up to 2020 of c.US$80 million and can now report this to the Ethiopian central bank; and
· the central bank has now permitted that both development banks be allowed to lend on the same terms and formal ratification is awaited from the Government.
As with Jabal Hillit, large crush and dump piles can be found across the tenement with ancient miners clearly targeting the quartz-vein gold mineralisation. USGS sampling of vein material from these crush dumps reached up to 46 g/t of gold.
The G&M regional exploration team are gearing up for a busy summer of mapping and sampling within these new licences to ground truth historical data, extend the known limits of mineralisation and define the structural framework controlling mineralisation, ahead of more advanced exploration works this year.
Jibal Qutman Project Developments
As previously reported, ARTAR (on behalf of G&M) has been actively engaged in discussions with the Saudi Arabian Ministry for Industry and Mineral Resources ("MIM") regarding its mining licence application. These discussions have now reached an advanced stage and it is the view of G&M's management that a positive outcome to these discussions is now imminent.
In line with these discussions, G&M will need to submit an updated Development Plan and Environmental and Social Impact Assessment to enable the resubmission of the mining licence application under the new Saudi Arabian Mining Investment law, ahead of the award of the expected Jibal Qutman Mining Licence ("ML").
In advance of this, it is anticipated that G&M will be granted three exploration licences covering the Jibal Qutman area to enable the above studies to be completed.
As announced on 16 June 2022, G&M has engaged Lycopodium to complete a Detailed Feasibility Study ("DFS") for Jibal Qutman by December 2022. In addition to this, the Company has initiated steps to re-establish its operational base in the nearby city of Bisha.
Harry Anagnostaras-Adams, Executive Chairman of KEFI, commented:
"Work in Saudi Arabia is gathering pace on many fronts; our Hawiah Project is firmly on track for the delivery of the Preliminary Feasibility Study by year end, we have exciting developments on the Jibal Qutman Gold project and now the granting of these two additional exploration licenses. The award of the exploration licences, which contain known high-grade gold occurrences provides an exciting opportunity to make further discoveries at a time where the country is focused on developing its mineral resources.
"This expansion of our regional exploration portfolio highlights our commitment to organic growth and our desire to discover and develop additional assets in the highly prospective Arabian shield. At Jibal Qutman, developments are particularly encouraging and should allow for a fast-track development schedule, targeting near term gold production. This marks the beginning of an exciting chapter for the G&M joint-venture partnership and continues to demonstrate our ability to operate as a leading explorer and developer within Saudi Arabia."