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

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.”

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KEFI Gold and Copper

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