KEFI Gold and Copper achieves further significant progress at Tulu Kapi

KEFI Gold and Copper plc (LON:KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, has provided an update with respect to the Company’s Tulu Kapi gold project.

Further significant progress has been made during May 2021 and KEFI is currently focusing on completing preparations for full Project launch after the Company’s Annual General Meeting, which is expected to be convened in due course for 30 June 2021.  The Company remains on track to commence Project commissioning in late 2022 and to reach full production by mid-2023, in line with previous guidance.

Highlights of recent activities include:

·    The Project company, Tulu Kapi Gold Mines Share Company (“TKGM”) has submitted to the Ethiopian regulatory authority, for its formal confirmation of compliance as part of the Project finance requirements, an updated detailed Project development and production plan.  Whilst final approval of this updated plan is awaited as a condition precedent of the Project financing, TKGM has exchanged formal confirmations with the licencing authority regarding TKGM’s commitment to honour the already outlined Project timetable;

·    A new Project mining contractor, Corica Group, which is now the largest mining contractor in Africa, has been appointed, replacing the previous mining contractor on better terms after re-tendering of the contract.  A letter of intent has been signed with them covering the major works package due to commence its procurement any time from July 2021;

·    The early works programme with principal process design and construction contractor, Lycopodium Limited, has commenced this month and the major works package has been agreed to commence any time from July 2021;

·    Responses are up to date in respect of the senior lenders’ due diligence requirements for credit approval. The timetable for Project finance remains for execution of detailed documentation as soon as possible after the KEFI AGM on 30 June 2021, then equity subscriptions for launch of full development, followed by debt drawdowns during Q4 2021; and

·    150 local personnel have been employed to prepare new host lands. TKGM have commenced compensation procedures for the small part of the community to be resettled that occupies the site for the planned electricity substation and starter homes have been fabricated and are being delivered to site for assembly.

The Company looks forward to making further announcements as the Project progresses.

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