KEFI Gold and Copper focused on three initial open pit gold operations

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 announced that its next Investor Webinar will be held at 3pm London time on Friday 8 April 2022 via the Investor Meet Company platform, following the anticipated release of the Company’s Q1 2022 Quarterly Operational Update.

The Company also advises that an updated presentation is available today on the Company’s website at https://www.kefi-goldandcopper.com.

This presentation sets out the Company’s position that following recent positive developments in both Ethiopia and Saudi Arabia, and the improved gold price outlook, the Company is refining its development strategy by focusing on sequentially developing three initial open pit gold (and silver) operations – Tulu Kapi in Ethiopia, Jibal Qutman in Saudi Arabia, followed by Hawiah in Saudi Arabia. The initial developments at each project would then planned to be followed by deeper self-funded developments at all three projects which, at Hawiah, would also yield copper and zinc.

Tulu Kapi, planned to be c. 70%-owned by KEFI, has a granted mining licence and is construction-ready for a start-up at the initial production rate of 140,000 oz per annum of gold. The current focus is on satisfying the conditions precedent for completing its project financing in mid-2022. The Company believes that all capital requirements have been arranged via the indicative offers and non-binding commitments received.

At Jibal Qutman, planned to be 30%-owned by KEFI, development planning has been re-activated following indications from the regulatory authorities that the Mining Licence would be clarified in 2022. The original 2015 Preliminary Economic Assessment was for an initial production rate of 35,000 oz pa of gold with capital requirement of US$39 million, targeted to be project-financed as to 75% by project debt, 70% by partners’ equity and the remaining US$3 million by KEFI.

Hawiah, planned to be 30%-owned by KEFI, reported its maiden Mineral Resource Estimate in 2020 and an increased MRE in January 2022. It is part-way through a Preliminary Feasibility Study. It is likely that Hawiah’s development would follow that of Tulu Kapi and Jibal Qutman. Given recent successful exploration results showing near-surface gold at Hawiah and the nearby Al Godeyer exploration licences, the PFS is being refocused onto the possibility of initial open pit gold mining, to be followed by underground mine development to also recover copper and zinc. Capital requirements for this 2.2 million oz gold-equivalent project (Hawiah MRE announced on 4 January 2022 of 24.9 Mt at 0.90% copper, 0.85% zinc, 0.62 g/t gold and 9.81 g/t silver), are anticipated to be covered by project-level funding combined with projected surplus cash flows in due course from Tulu Kapi.

Harry Anagnostaras-Adams, KEFI Gold and Copper Executive Chairman, commented: “It is great to see the recent turnaround in Ethiopia coinciding with a take-off of our projects in Saudi Arabia. KEFI has turned onto the front foot in both jurisdictions, after some particularly frustrating years in both.

“We have focused the development planning teams onto starting with gold open pits in all three projects, to minimise start-up timetables and capitalise on what seems a very positive gold price outlook.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
KEFI Gold and Copper

More articles like this

KEFI Gold and Copper

KEFI Gold and Copper issued two Jibal Qutman Exploration Licences

·    Two Exploration Licences issued to facilitate development of the Jibal Qutman Gold Project ·    Award of final Jibal Qutman Exploration Licence expected shortly ·    DFS for Initial 500,000 oz gold development Q1 2023, first production 2024 KEFI Gold and Copper

KEFI Gold and Copper

Gold edges higher on softer dollar

Gold prices held firm on Tuesday near a two-week high hit in the previous session, helped by a subdued dollar, while investors awaited U.S. inflation data that could provide cues on the Federal Reserve’s interest rate hike path.

KEFI Gold and Copper

Copper prices increase on weaker dollar

Copper prices rose on Tuesday on a weaker dollar and expectations for better metals demand after Chinese policymakers said they would accelerate infrastructure investment. Three-month copper on the London Metal Exchange CMCU3 rose 0.7% to $7,707 a tonne

KEFI Gold and Copper

Top 10 uses of copper

While gold and silver are irrefutably the most well-known of the 95 metals in the Periodic Table of Elements, to metallurgists and metal connoisseurs, they are nothing out of the ordinary. The real icon in the world of

KEFI Gold and Copper

Gold prices post first gain in 7 sessions

Gold prices finished higher on Tuesday for the first time in seven sessions, with a pullback in the U.S. dollar helping to put an end to the yellow metal’s longest losing streak since early July. Silver prices also climbed

KEFI Gold and Copper

Kefi reports further licensing progress in Saudi Arabia

Ethiopia and Saudi Arabia-focussed gold and copper explorer and developer KEFI announced positive licensing progress on the Jibal Qutman project on Wednesday, as well as the award of two further exploration licences through its Gold and Minerals (G&M) joint venture

KEFI Gold and Copper

KEFI Gold and Copper rapidly expanding its resource base

KEFI Gold and Copper plc (LON:KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, has provided an operational update on the activities of KEFI Minerals

KEFI Gold and Copper

China tensions push gold to a new 1-month peak

Gold prices climbed over 1% to hit a fresh one-month peak on Thursday, underpinned by a retreat in the dollar and U.S. Treasury yields, as investors kept a close tab on U.S.-China tensions. Spot gold rose 1.6% to

KEFI Gold and Copper

Gold prices extend gains

Gold rose for fifth straight session on Tuesday to its highest level in about a month as Sino-U.S. tensions and fears of a possible recession burnished the metal’s safe-haven appeal. Spot gold was up 0.3% at $1,777.79 per ounce by

KEFI Gold and Copper

Gold prices extended gains

Gold prices extended gains on Thursday, as the U.S. dollar and Treasury yields fell after the Federal Reserve raised interest rates by 75 basis points as expected and its chairman sounded less hawkish on future hikes. Spot gold was

KEFI Gold and Copper

Gold price recovers from its 15-month low overseas

Gold price which jolted the previous day to levels below $1700 and hit 11-month low witnessed some resilience and rebounded to $1717.8 per ounce as of writing this copy at 12:19 pm (IST). Though it is still trading

KEFI Gold and Copper

Gold climbs as dollar softens

Gold prices rose on Monday, helped by a slight pullback in the US dollar and as investors dialled down bets of a 100-basis-point interest rate hike by the Federal Reserve this month. Spot gold had climbed 0.4% to

No more posts to show