Last checked at 1 Sep 2021 07:00
1 September 2021
KEFI Gold and Copper plc
("KEFI" or the "Company")
Africa Down Under Presentation
KEFI Gold and Copper (AIM: KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia announces that the Company's Executive Chairman, Harry Anagnostaras-Adams, will today present online from Ethiopia to the annual "Africa Down Under" mining industry conference in Perth, Australia, which is attended by over 200 companies active in the African minerals sector and the representatives of the African host countries.
The presentation being given is available on the Company's website at https://www.kefi-minerals.com and highlights the recent, previously announced, developments regarding the Company's projects, together with the following more recent updates:
Tulu Kapi, Ethiopia:
· Triggered the first stage of the Tulu Kapi community resettlement compensation and detailed engineering for plant procurement.
· The Ethiopian Ministry for Mines and Petroleum has approved the schedule to trigger development in October 2021 and project company TKGM has confirmed the remaining requirements from the Government for development to commence.
Hawiah, Saudi Arabia:
· Phase 4 drilling has been completed and, whilst focused mainly on in-fill drilling to upgrade the resource from Inferred to Indicated, it has also successfully added tonnes and grade and confirmed that mineralisation remains open.
· The updated Hawiah Mineral Resource Estimate ("MRE") remains on track to be reported in Q4 2021 incorporating the results of the phase 4 drilling and successful previous drilling campaigns.
Enquiries
KEFI Gold and Copper plc |
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Harry Anagnostaras-Adams (Executive Chairman) | +357 99457843 |
John Leach (Finance Director) | +357 99208130 |
SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker) | +44 (0) 20 3470 0470 |
Jeff Keating, Adam Cowl |
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Brandon Hill Capital Ltd (Joint Broker) | +44 (0) 20 7936 5200 |
Oliver Stansfield, Jonathan Evans |
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IFC Advisory Ltd (Financial PR and IR) | +44 (0) 20 3934 6630 |
Tim Metcalfe, Florence Chandler |
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Notes to Editor
KEFI Gold and Copper plc
KEFI is focused primarily on the advanced Tulu Kapi Gold Project development project in Ethiopia, along with its pipeline of other projects within the highly prospective Arabian-Nubian Shield. KEFI targets that production at Tulu Kapi generates cash flows for capital repayments, further exploration and expansion as warranted and, when appropriate, dividends to shareholders.
KEFI in Ethiopia
Ethiopia is currently undergoing a remarkable transformation both politically and economically.
The Tulu Kapi gold project in western Ethiopia is being progressed towards development, following a grant of a Mining Licence in April 2015.
The Company has now refined contractual terms for project construction and operation, together with assembling the full funding consortium and set the conditional terms for the development funding package of c.US$356 million.
Estimates include gold production of c.190,000oz pa. All-in Sustaining Costs (including operating, sustaining capital and closure but not including leasing and other financing charges) remain US$800-900/oz. Tulu Kapi's Ore Reserve estimate totals 15.4Mt at 2.1g/t gold, containing 1.1Moz.
All aspects of the Tulu Kapi (open pit) gold project have been reported in compliance with the JORC Code (2012) and subjected to reviews by appropriate independent experts.
A Preliminary Economic Assessment has been published that indicates the economic attractiveness of mining the underground deposit adjacent to the Tulu Kapi open pit, after the start-up of the open pit and after positive cash flows have begun to repay project debts. An area of over 1,000 square kilometres adjacent to Tulu Kapi has been reserved for exploration by KEFI upon commencement of development, with a view to adding satellite deposits to development and production plans.
KEFI in the Kingdom of Saudi Arabia
In 2009, KEFI formed Gold & Minerals Limited ("G&M") in Saudi Arabia with local Saudi partner, ARTAR, to explore for gold and associated metals in the Arabian-Nubian Shield. KEFI has a 34% interest in G&M and is the operating partner.
ARTAR, on behalf of G&M, holds over 16 Exploration Licence (ELA) applications pending the introduction of the new Mining Law. ELs are renewable for up to three years and bestow the exclusive right to explore and to obtain a 30-year exploitation (mining) lease within the area.
The Kingdom of Saudi Arabia has announced policies to encourage mineral exploration and development, and KEFI Minerals supports this priority by serving as the technical partner within G&M. ARTAR also serves this government policy as the major partner in G&M, which is one of the early movers in the modern resurgence of the Kingdom's minerals sector.