KEFI Gold and Copper plc (LON: KEFI), the gold and copper exploration and development company focused on the Arabian-Nubian Shield, has reported that its Gold and Minerals SLA (GMCO) joint venture in Saudi Arabia, has been selected as one of six companies out of 49 applicants for the Saudi Government’s Exploration Enablement Program (EEP), designed to boost discovery and investments in the sector. This reinforces GMCO’s already-rapid growth momentum.
This also coincides with KEFI’ recently announced strategic review of its investment in GMCO (see the Company’s announcement on 13 November 2024). KEFI has received interest from a number of parties who are now exploring the acquisition of the Company’s 15% shareholding in GMCO. As a result, KEFI has set a deadline of 28 February 2025 for the submission of proposals with indicative terms.
Saudi Government’s Exploration Enablement Program
GMCO and the other five selected companies will benefit from key Saudi government support aimed at attracting high-quality investments and accelerating exploration efforts. The government has allocated SR685 million (approximately US$182.6 million) to the EEP for the period 2024 to 2030, funding initiatives designed to enhance the sector’s global competitiveness and create long-term strategic value.
