KEFI Minerals (LON:KEFI), the gold exploration and development company with projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia, is pleased to tell DirectorsTalk that it has received ETB 30 million (approx. $1.3million at exchange rate of US Dollar Ethiopian Bir of 23 or Pound Sterling equivalent of GBP1 million) of the ETB73 million VAT refund. The Company has come to an agreement with Ethiopian Revenues and Customs Authority to receive the remainder of the funds over the next two months.
The Company’s VAT refund from the Ethiopian tax authorities was agreed following KEFI’s repayment of the inherited “”Reverse VAT Liability” within the agreed 3-year schedule to December 2016. The funds received will be used in Ethiopia to progress the development of Tulu Kapi project.
KEFI’s Executive Chairman, Mr Harry Anagnostaras-Adams, said: “The Ethiopian Government have remained supportive of our project in Ethiopia and are committed to facilitating growth of the mining sector. It is a mark of our relationship with the Government that payment of our VAT refund is occurring in a timely fashion. The monies received will be used to fund operations on the ground and progress the Tulu Kapi project.”
