KEFI Minerals plc Meeting Convened for Release of Funds (3520B)
January 30 2020 - 1:00AM
UK Regulatory
TIDMKEFI
RNS Number : 3520B
KEFI Minerals plc
30 January 2020
30 January 2020
KEFI Minerals plc
("KEFI" or the "Company")
TKGM General Meeting Convened for Release of Funds
KEFI Minerals (AIM: KEFI), the gold exploration and development
company with projects in the Federal Democratic Republic of
Ethiopia and the Kingdom of Saudi Arabia, is pleased to advise that
in relation to the Company's Tulu Kapi Gold Project (the "Project")
a General Meeting of Tulu Kapi Gold Mines Share Company ("TKGM")
has been convened for 14 February 2020 (the "Meeting"), to
formalise the final and procedural sign-off of all matters required
for the release of funds from ANS Mining Share Company ("ANS
Mining") to TKGM.
The subsequent transfer of the first funds from ANS Mining to
TKGM is expected to occur following the Meeting. As previously
announced, the total ANS Mining commitment is US$38 million with
the first US$9.5 million (Ethiopian Birr equivalent) being
unconditional and subsequent amounts in accordance with the
conditions previously indicated.
The Company can also confirm that the Ethiopian Government
continues its investment in the Project, including developing the
off-site infrastructure and, on 14 January 2020, they authorised
TKGM to proceed with the community resettlement process. Some
community processes are already underway and these will escalate in
line with Government-led preparations of host-lands and
community.
Executive Chairman of KEFI, Mr Harry Anagnostaras-Adams,
commented:
"As stated on 6 January 2020, certain procedural matters were
required to close the executed Project equity subscription
agreement. These have now concluded and as a result TKGM has called
a General Meeting for 14 February 2020 ahead of the anticipated
financial close with our private-sector partner, ANS Mining.
"The Company continues to make good progress on the ground and
with respect to other important aspects of the Project.
"I look forward to updating the market in the near term on the
conclusion of the subscription and also on further drilling and
assay results from our ongoing drilling campaign in Saudi
Arabia."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries
KEFI Minerals plc
Harry Anagnostaras-Adams (Managing Director) +357 99457843
John Leach (Finance Director) +357 99208130
SP Angel Corporate Finance LLP (Nominated
Adviser and Joint Broker) +44 (0) 20 3470 0470
Jeff Keating, Soltan Tagiev
Brandon Hill Capital Ltd (Joint Broker) +44 (0) 20 7936 5200
Oliver Stansfield, Jonathan Evans
IFC Advisory Ltd (Financial PR and IR)
Tim Metcalfe, Florence Chandler +44 (0) 20 3934 6630
Notes to Editor
KEFI Minerals plc
KEFI is focused primarily on the advanced Tulu Kapi Gold Project
development project in Ethiopia, along with its pipeline of other
projects within the highly prospective Arabian-Nubian Shield. KEFI
targets that production at Tulu Kapi generates cash flows for
capital repayments, further exploration and expansion as warranted
and, when appropriate, dividends to shareholders.
KEFI Minerals in Ethiopia
Ethiopia is currently undergoing a remarkable transformation
both politically and economically.
The Tulu Kapi gold project in western Ethiopia is being
progressed towards development, following a grant of a Mining
Licence in April 2015.
The Company has now refined contractual terms for project
construction and operation. Estimates include open pit gold
production of c. 140,000oz pa for a 7-year period. All-in
Sustaining Costs (including operating, sustaining capital and
closure but not including leasing and other financing charges)
remain c. US$800/oz. Tulu Kapi's Ore Reserve estimate totals 15.4Mt
at 2.1g/t gold, containing 1.1Moz.
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.
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. An area of over 1,000 square kilometres adjacent to
Tulu Kapi has been reserved for exploration by KEFI upon
commencement of development, with a view to adding satellite
deposits to development and production plans.
KEFI Minerals in the Kingdom of Saudi Arabia
In 2009, KEFI formed Gold & Minerals Limited ("G&M") in
Saudi Arabia with local Saudi partner, 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.
ARTAR, on behalf of G&M, holds over 16 Exploration Licence
(EL) applications pending the introduction of the new Mining Law.
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 announced 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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