KEFI Minerals plc Total Voting Rights (1949B)
March 31 2017 - 6:40AM
UK Regulatory
TIDMKEFI
RNS Number : 1949B
KEFI Minerals plc
31 March 2017
31 March 2017
KEFI Minerals plc
("KEFI" or the "Company")
TOTAL VOTING RIGHTS
KEFI Minerals (AIM: KEFI), the gold exploration and development
company with projects in the Kingdom of Saudi Arabia and the
Federal Democratic Republic of Ethiopia, announces that the total
issued share capital of the Company consists of 332,702,973
ordinary shares of 1.7 pence each ("Ordinary Shares") with voting
rights.
The Company does not hold any Ordinary Shares in treasury.
Therefore, the total number of voting rights in the Company is
332,702,973 and this figure may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under
the FCA's Disclosure and Transparency Rules.
ENQUIRIES
KEFI Minerals plc
Harry Anagnostaras-Adams (Executive
Chairman) +357 99457843
John Leach (Finance Director) +357 99208130
SP Angel Corporate Finance
LLP (Nominated Adviser)
Ewan Leggat, Jeff Keating +44 20 3470 0470
Brandon Hill Capital Ltd (Joint
Broker)
Oliver Stansfield, Alex Walker,
Jonathan Evans +44 20 7936 5200
RFC Ambrian Ltd (Joint Broker)
Jonathan Williams
Beaufort Securities Ltd (Joint
Broker) +44 20 3440 6817
Elliot Hance +44 20 7382 8300
Luther Pendragon Ltd (Financial
PR)
Harry Chathli, Claire Norbury,
Ana Ribeiro +44 20 7618 9100
Further information can be viewed on www.kefi-minerals.com
NOTES TO EDITOR
KEFI Minerals plc
KEFI is the operator of two advanced gold development projects
within the highly prospective Arabian-Nubian Shield, with an
attributable 1.93Moz (100% of Tulu Kapi's 1.72Moz and 40% of Jibal
Qutman's 0.73Moz) gold Mineral Resources (JORC 2012) plus
significant resource growth potential. KEFI targets that production
at these projects generates cash flows for further exploration and
expansion as warranted, recoupment of development costs and, when
appropriate, dividends to shareholders.
KEFI Minerals in Ethiopia
The Tulu Kapi gold project in western Ethiopia is being
progressed towards development, following a grant of a Mining
Licence in April 2015.
Following completion of KEFI's Definitive Feasibility Study for
Tulu Kapi, the Company is now refining contractual terms for
project construction and operation. Latest estimates for annual
gold production are c. 100,000oz pa for a 10-year period and All-in
Sustaining Costs (including operating, sustaining capital and
closure but not including leasing and other financing charges) of
approximately US$750/oz to US$799/oz within the 5 year gold price
range of US$1,050/oz to US$1,750/oz. Tulu Kapi's Ore Reserve
estimate totals 15.4Mt at 2.12g/t gold, containing 1.05Moz. The
first eight production years of the open pit are estimated to yield
an average of 115,000oz pa.
All aspects of the Tulu Kapi (open pit) gold project have been
reported in compliance with the JORC Code (2012) and subjected to
reviews by appropriate independent experts. These plans now also
reflect the agreed construction and operating terms with project
contractors, and have been independently reviewed by experts
appointed for the project finance syndicate.
A Preliminary Economic Assessment has been published that
indicates the economic attractiveness of mining the underground
deposit adjacent to the Tulu Kapi open pit, after the start-up of
the open pit and after positive cash flows have begun to repay
project debts.
The projected cash flows indicate that the net cash build-up
(after servicing financing) in the first three production years is
US$31 million to US$216 million within the 5 year gold price range
of US$1,050/oz to US$1,750/oz.
KEFI Minerals in the Kingdom of Saudi Arabia
In 2009, KEFI formed G&M in Saudi Arabia with local Saudi
partner, Abdul Rahman Saad AlRashid & Sons Company Limited
("ARTAR"), to explore for gold and associated metals in the
Arabian-Nubian Shield. KEFI has a 40% interest in G&M and is
the operating partner. To date, G&M has conducted preliminary
regional reconnaissance and has had five exploration licences
("ELs") granted, including Jibal Qutman and the more recently
granted Hawiah EL that contains over 6km strike length of
outcropping gossans developed on altered and mineralised rocks with
all the hallmarks of a copper-gold-zinc VHMS deposit.
At Jibal Qutman, G&M's flagship project, Mineral Resources
are estimated to total 28.4Mt at 0.80g/t gold for 733,045 contained
ounces. The shallow oxide portion of this resource is being
evaluated as a low capital expenditure heap-leach mine
development.
ARTAR, on behalf of G&M, holds over 20 EL applications. ELs
are renewable for up to three years and bestow the exclusive right
to explore and to obtain a 30-year exploitation (mining) lease
within the area. The Kingdom of Saudi Arabia has instituted, and is
further overhauling, policies to encourage minerals exploration and
development, and KEFI Minerals supports this priority by serving as
the technical partner within G&M. ARTAR also serves this
government policy as the major partner in G&M, which is one of
the early movers in the modern resurgence of the Kingdom's minerals
sector.
This information is provided by RNS
The company news service from the London Stock Exchange
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