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."
Two additional exploration licences Jibal Hillit and Qunnah (collectively the "Exploration Licences") have been awarded on an initial five-year term
· The Exploration Licences have historically yielded grades of up to 15.3g/t at Jabal Hillit and 46 g/t Au at Qunnah, hosted in quartz-veins
· Positive progress has been made in discussions with the Deputy Minister for Mineral Resources relating to the Jibal Qutman Project - anticipated resolution in the current quarter
Jabal Hillit and Qunnah Exploration Licences
The granting of the Exploration Licences represents the start of a new and exciting phase of exploration and discovery for the Company. These licences are situated approximately 30km apart, straddling the Ad Dawadimi and Afif terranes in the eastern portion of the Arabian Shield (see map in the appendix accessible via http://www.rns-pdf.londonstockexchange.com/rns/0896S_1-2022-7-11.pdf. Both represent attractive gold exploration targets, and the granting of the Exploration Licences represents a new frontier for the G&M exploration team.
· The Exploration Licences are situated within the eastern area of the Arabian Shield, located 30km apart and cover a combined area of 184.29 km2 of prospective ground
· 23 known gold occurrences have been historically documented, with significant ancient workings located within the tenements
· The Exploration Licences have identified gold within shear-hosted quartz veins, with grades of up to 15.3g/t at Jabal Hillit and 46 g/t Au at Qunnah as noted by the BRGM and USGS
· The Exploration Licences present an excellent opportunity to make discoveries within a highly prospective and under explored area of the Arabian shield
Mineralisation within the Exploration Licences presents as north-west trending gold-bearing, structurally controlled quartz veins. Work conducted during the Bureau de Recherches Géologiques et Minières ("BRGM") and United States Geological Survey ("USGS") reconnaissance programmes of the 1970s and 1980s, remains the only modern exploration to have taken place over the sites, with basic mapping and rock chip sampling confirming the presence of high-grade gold mineralisation and outlining the key areas of interest.
Jabal Hillit represents the more advanced licence with 20 mapped gold occurrences across five main vein packages cutting across the licence. Veins have been shown to strike discontinuously for 1,500m with widths of up to 2.5m, hosted within meta-volcanic units. USGS mapping also rediscovered the ancient ruins of the Umm Adher gold mine, which now sits inside a fenced archaeological site within the licence area. BRGM sampling of dump piles associated with this ancient mining showed gold grades of up to 15.3 g/t.
Located 30km west of Jabal Hillit, the Qunnah exploration licence area also presents with gold-bearing, structurally controlled quartz veins within three main areas. As with Jabal Hillit, large crush and dump piles can be found across the tene
This is a huge project with lots of different investors, banks, insurers, contractors and Government departments involved and the media seem to think Kefi just turn up with a bag with $80m dollars in it and plonk it on someone's desk FFS....