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

Gold prices bolt to all-time high

Gold prices bolted to an all-time high above $2,100 per ounce on Monday as Federal Reserve Chair Jerome Powell’s remarks elevated traders’ confidence that the U.S. central bank could cut interest rates early next year. Spot gold XAU= was up

KEFI Gold and Copper

KEFI at Precious Metals Summit 2023

London-listed company KEFI Gold and Copper plc (LON:KEFI) is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield. The Company operates in Ethiopia and Saudi Arabia with projects including Tulu Kapi project,

KEFI Gold and Copper

Gold scales 6-month peak on softer dollar

Gold prices climbed a six-month peak on Monday, supported by a weaker U.S. dollar and on bets that the Federal Reserve is done with its interest rate hike cycle, while the focus shifted to U.S. inflation data due

KEFI Gold and Copper

Study shows Copper Industry delivers multiple benefits to communities

Commissioned by the International Copper Association (ICA), a study from Wood Mackenzie explores the positive socio-economic impact of the copper sector. The research demonstrates how the industry can maximize socio-economic impact for mining communities by remaining socially equitable,

KEFI Gold and Copper

Shanghai copper near 2-month high

Shanghai copper prices rose to their highest in nearly two months on a softer dollar and expectations of improving demand after China promised support to the country’s property sector. The most-traded December copper contract on the Shanghai Futures Exchange SCFcv1 rose 0.2% to 67,950 yuan ($9,422.97) a ton.

KEFI Gold and Copper

Study shows copper industry delivers multiple benefits to communities

Commissioned by the International Copper Association (ICA), a study from Wood Mackenzie explores the positive socio-economic impact of the copper sector. The research demonstrates how the industry can maximize socio-economic impact for mining communities by remaining socially equitable,

KEFI Gold and Copper

KEFI says Ethiopia’s mining industry is promising

KEFI Gold and Copper PLC announced Monday that it is committed to remain on track for its project of Tulu Kapi in Ethiopia to be in operation by 2026. Things in Ethiopia’s mining industry are improving, said Harry Adams,

KEFI Gold and Copper

KEFI confirms Tulu Kapi on track for launch

KEFI, the gold and copper exploration and development company, has focused on the Arabian-Nubian Shield since 2008, assembling a pipeline of projects in the Kingdom of Saudi Arabia and in the Federal Democratic Republic of Ethiopia, with the

KEFI Gold and Copper

Gold heads for biggest monthly rise since November

Gold steadied on Tuesday on caution ahead of the Federal Reserve’s policy meeting this week, but held on track for its biggest monthly rise since November last year as the Israel-Hamas war boosted safe-haven bets. Spot gold was

KEFI Gold and Copper

Gold price rises to 11-week high

Gold jumped to its highest level since the beginning of August on Wednesday as the escalating conflict in the Middle East sent investors flocking towards the safe-haven metal. Spot gold was up 1.1% to $1,945.20 per ounce by

KEFI Gold and Copper

Ethiopia’s Tulukapi mine to open by KEFI Gold and Copper

According to KEFI Gold and Copper PLC, a mining exploration and development company, the open-pit Tulu Kapi project in Ethiopia will begin construction by 2023, with production beginning in 2025. The equity development capital and 320 million USD

KEFI Gold and Copper

Ethiopia’s first new mine in 30 years nears funding package completion

Aim-listed Kefi Gold and Copper has completed the last of many special permissions and policy changes agreed with the Ethiopian authorities over the years since Kefi assumed control of the Tulu Kapi gold project. The Tulu Kapi project is now finally fully permitted with only procedural

KEFI Gold and Copper

How does copper contribute to a circular economy?

London-listed company KEFI Gold and Copper plc (LON:KEFI) is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield. The Company operates in Ethiopia and Saudi Arabia with projects including Tulu Kapi project,

KEFI Gold and Copper

KEFI Gold and Copper at Africa Down Under 2023

London-listed company KEFI Gold and Copper plc (LON:KEFI) is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield. The Company operates in Ethiopia and Saudi Arabia with projects including Tulu Kapi project,

KEFI Gold and Copper

Recent developments put KEFI’s Tulu Kapi into the spotlight

Three recent developments have served to put KEFI’s Tulu Kapi into the spotlight. The first is Ethiopia’s recent central bank directive exempting certain strategic industries – including mining – from foreign exchange controls, satisfying the last major condition

No more posts to show