KEFI (AIM: KEFI) continues to strengthen its foothold in Saudi Arabia’s mining sector, as its Gold and Minerals SLA joint venture (GMCO) secures a spot among the six companies selected for the Saudi Government’s Exploration Enablement Programme. Out of 49 applicants, GMCO’s selection highlights its rapid growth trajectory and strong market presence, reinforcing its reputation as a leader in the industry.
This milestone aligns with KEFI’s recently announced strategic review of its investment in GMCO. The company has attracted interest from several parties considering the acquisition of KEFI’s 15% shareholding in GMCO. In light of this, KEFI has set a deadline of 28 February 2025 for the submission of proposals with indicative terms, reflecting its proactive approach to optimising shareholder value.
The Saudi Government’s Exploration Enablement Programme provides key support to GMCO and the other selected companies, with a commitment to attracting high-quality investments and accelerating exploration activities. The government has earmarked US$182.6 million for the programme from 2024 to 2030, targeting initiatives that enhance the mining sector’s global competitiveness and long-term strategic impact.
The programme is designed to expand exploration of critical minerals in underexplored areas, mitigate investment risks, and improve the reliability of technical data. To date, it has achieved significant milestones, including extensive geophysical surveys covering 9,500 km², the collection of 57,000 geochemical samples, and 440,000 metres of drilling. These efforts bolster the credibility of successful applicants and reinforce their commitment to resource discovery and development.
GMCO stands out as the only private sector company in Saudi Arabia to have made significant mineral discoveries and progressed them into development studies since its inception in 2008. With one of the largest exploration teams in the Kingdom, GMCO has built an extensive proprietary database, further solidifying its leadership in the sector.
KEFI’s Executive Chairman, Harry Anagnostaras-Adams, expressed confidence in GMCO’s continued success, emphasising that the recognition and support from the Saudi government validate the company’s dedication to exploration excellence. He highlighted GMCO’s achievements since its formation alongside its partner, ARTAR, and reiterated KEFI’s commitment to delivering long-term value for shareholders.
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, Jibal Qutman EL and Hawiah.
