TIDMKEFI
Kefi Gold and Copper PLC
31 August 2022
31 August 2022
KEFI Gold and Copper plc
("KEFI" or the "Company")
Africa Down Under Presentation
KEFI (AIM: KEFI), the gold and copper exploration and
development company with projects in the Federal Democratic
Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to
announce that KEFI's Executive Chairman, Harry Anagnostaras-Adams,
and Chief Operating Officer, Eddy Solbrandt, will be providing a
presentation today, Wednesday 31 August 2022, at the Africa Down
Under conference being held at the Pan Pacific, Perth,
Australia.
The presentation is available on the Company's website at
https://www.kefi-goldandcopper.com
Enquiries
KEFI Gold and Copper 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, Adam Cowl
Tavira Securities Limited (Joint Broker) +44 (0) 20 7100 5100
Oliver Stansfield, Jonathan Evans
WH Ireland Limited (Joint Broker) +44 (0) 20 7220 1666
Katy Mitchell, Andrew de Andrade
IFC Advisory Ltd (Financial PR and IR) +44 (0) 20 3934 6630
Tim Metcalfe, Florence Chandler
KEFI Gold and Copper plc
KEFI is focused primarily on the advancement of its three
development projects in Ethiopia and Saudi Arabia, plus its
pipeline of highly prospective exploration projects in these two
large jurisdictions of the under-explored Arabian-Nubian Shield.
KEFI targets that production at Tulu Kapi in Ethiopia and Jibal
Qutman in Saudi Arabia will, between them, generate cash flows for
capital repayments, further organic growth and dividends to
shareholders.
Both TKGM and G&M are technically guided and supported by
KEFI so that each of these operating joint venture companies as
soon as possible builds the local organisational structure suitable
for long term production as well as exploration and future
development opportunities.
KEFI Gold and Copper 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. No other mining project of this scale in
Ethiopia has been brought to Tulu Kapi's stage of advancement
during recent years and Tulu Kapi will be the first industrial
scale mine development in Ethiopia in over 30 years. It has taken
years of extensive technical re-design of the project, years of
overhaul by the Ethiopian authorities of financial policies which
previously hindered mining project finance and the patient and
cautious traversing by the Company of recent well-publicised events
within the country. The project has imposed many demands on a
regulatory system which the Ethiopian Government continues to
upgrade, determined to build a modern minerals sector. KEFI is
honored to play its part in this process and has assembled a
first-tier syndicate of international industry expert management,
contractors, banks and investors.
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,
royalties and closure but not including leasing and other financing
charges) remain c. US$800-1000/oz depending on the gold price. 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.
KEFI remains keen to re-commence its exploration of the
additional prospects it has successfully identified within the Tulu
Kapi district exploration area from within which the mining licence
was duly excised as a result of the successful discovery of the
Tulu Kapi deposit. Whilst most historical drilling was naturally of
the Tulu Kapi deposit, there was significant work done on many
further prospects which await follow-up.
Whilst awaiting regulatory permission to re-activate the
Company's Ethiopian exploration, which is critical for long term
planning for all stakeholders in the community as well as the
Company, the exploration focus has been successfully switched to
Saudi Arabia.
KEFI Gold and Copper 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 c.
30% interest in G&M.
ARTAR, on behalf of G&M, and G&M directly held over 16
Exploration Licence (EL) applications pending the introduction of
the new Mining Law. These new regulations have recently been
proclaimed and G&M has had seven new licences issued in the
past nine months - more licence grants than in the previous 14
years and all highly prospective and strategically important for
G&M, ELs are renewable for up to five years and bestow the
exclusive right to explore and to obtain a 30-year exploitation
(mining) licence within the area.
In addition, G&M has a Mining Licence Application over the
Jibal Qutman Gold Project which recent informal indications by the
authorities provide some confidence that the licence will be
granted shortly.
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