KEFI Gold and Copper updates JV strategy in Saudi Arabia amid growth plans

KEFI Gold and Copper plc (LON:KEFI), the gold and copper exploration and development company focused on the Arabian-Nubian Shield since 2008, has provided an update regarding the Company’s Gold and Minerals SLA (GMCO) joint venture in Saudi Arabia.

A strategic review is being conducted by the two partners of GMCO, KEFI and its majority partner, Abdulrahman Saad AlRashid & Sons (“ARTAR”).  Initial conclusions include that KEFI forego its right to contribute US$10 million and maintain its 25% GMCO shareholding and, instead, accept dilution to 15% of GMCO.  That is now being implemented formally.  

In addition, the ongoing business planning scenarios currently being evaluated include the potential sale of KEFI’s residual 15% shareholding, the potential proceeds of which would be receivable by KEFI.

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