Last checked at 6 Sep 2018 09:52
6 September 2018
KEFI Minerals plc
("KEFI" or the "Company")
New Director Appointment
KEFI Minerals plc (AIM: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to report that Mr. Mark Tyler has accepted, with immediate effect, an appointment to the KEFI Board as an additional independent Non-Executive Director. Mr. Tyler was previously a mining investment banker in London and South Africa, including as co-head of Mining and Resources Finance at Nedbank, a South African bank, and is currently a senior resources advisor to Exotix Capital and the London respresentative for Auramet International, a precious metal merchant financier. He therefore brings considerable mining finance expertise to the Board.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
The information required by Schedule 2 Paragraph (g) of the AIM Rules for Companies in relation to the appointment of Mark Saunders Tyler (aged 58) is as follows:
Current directorships | Past directorships within 5 years |
Bardene Financial Limited | - |
Save as disclosed above, there are no further disclosures required to be made in respect of the appointment of Mark Saunders Tyler under Schedule 2(g) or Rule 17 of the AIM Rules for Companies.
Enquiries
KEFI Minerals plc |
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Mark Wellesley-Wood, (Chairman) | +44 7788420451 |
Harry Anagnostaras-Adams (Managing Director) | +357 99457843 |
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SP Angel Corporate Finance LLP (Nominated Adviser) | +44 20 3470 0470 |
Ewan Leggat, Jeff Keating, Soltan Tagiev |
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Brandon Hill Capital Ltd (Broker) | +44 20 7936 5200 |
Oliver Stansfield, Jonathan Evans |
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IFC Advisory Ltd (Financial PR and IR) | +44 20 3934 6630 |
Tim Metcalfe, Heather Armstrong |
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Notes to Editor
KEFI Minerals 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 Minerals 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. Estimates include open pit gold production of c. 140,000oz pa for a 7-year period. All-in Sustaining Costs (including operating, sustaining capital and closure but not including leasing and other financing charges) remain c. US$800/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 Minerals in the Kingdom of Saudi Arabia
In 2009, KEFI formed G&M in Saudi Arabia with local Saudi partner, Abdul Rahman Saad Al Rashid & Sons Company Limited ("ARTAR"), to explore for gold and associated metals in the Arabian-Nubian Shield. KEFI has a 40% interest in G&M and is the operating partner.
ARTAR, on behalf of G&M, holds over 20 EL applications. 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 minerals 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.