Kefi Gold and Copper PLC Presentation in Addis Ababa, Riyadh and Dubai (3952V)
April 05 2023 - 1:00AM
UK Regulatory
TIDMKEFI
RNS Number : 3952V
Kefi Gold and Copper PLC
05 April 2023
5 April 2023
KEFI Gold and Copper plc
("KEFI" or the "Company")
Presentation to Regional Investors in Addis Ababa, Riyadh and
Dubai
KEFI Gold and Copper (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 provide an updated corporate presentation to be used in
meetings with regional investors in Addis Ababa, Riyadh and Dubai.
The presentation has been uploaded to the Company's website:
https://www.kefi-goldandcopper.com.
The presentation incorporates information on the maiden Al
Godeyer resource announced on 3 April 2023, which has increased the
metal content in the Open Pit Scenario for the Hawiah project in
Saudi Arabia by over US$200 million, bringing the total Hawiah
project metal content to c.US$4.8 billion and the aggregate of
KEFI's three advanced projects to c.US$9.6 billion, at current
metal prices (gold: 3.1Moz at US$1,980/oz, 266KT copper at
US$8,888/T, 284KT zinc at US$2,948/T and 9.7Moz silver at
US$23/oz). KEFI's aggregate beneficial interest in this metal
content is approximately 50% of the total or US$4.8 billion.
The Ethiopian project, Tulu Kapi, has an in-situ metal content
of US$3.4 billion and is development-ready. The two Saudi projects
have combined in-situ metal content of US$6.2 billion and are
undergoing feasibility studies for development.
The presentation also provides details of the c.US$390 million
development financing (including the mining fleet and all other
capital requirements) for the Tulu Kapi gold project in Ethiopia
where last week the Tulu Kapi syndicate's two development banks
visited Addis Ababa for the second time in the last month, to meet
with the newly-appointed Ethiopian Minister of Mines, H.E Habtamu
Tegegn, with whom it was jointly undertaken to quickly resolve any
loose ends in respect of the final substantive conditions precedent
ahead of expected signing within the next month or so of the Final
Umbrella Agreement.
As with the initial Umbrella Agreement signed in June 2022, the
Final Umbrella Agreement will set out all syndicate member roles
and finance contributions and conditions precedent to final formal
approval being granted. However, the Final Umbrella Agreement is
also intended to confirm that project costs and financial
contributions will have been updated, along with technical and
legal due diligence having been updated, definitive agreements
prepared and that the key required government actions will have
been agreed and being duly followed through with. These regulatory
aspects include matters far-reaching for the minerals sector and
not just for the Project, such as the in-country protective rights
of our development banks, project security, community preparation,
operation of project bank accounts in international financial
centres and various procedural matters which are standard for
mining project finance. Accordingly, it would then be possible to
proceed to parties' respective final approvals to execute and
launch full project development.
Entering into the individual definitive agreements for all
syndicate members will be conditional on mutually interdependent
formal shareholder and lender approvals to be called in compliance
with their respective notice provisions. As with any such
international mining project finance transactions, these approvals
will require independent certification of security and community
readiness, placement of insurances, mortgage registration and
similar standard procedural conditions precedent and subsequent.
All parties are again targeting full construction start to coincide
with the next dry season (October 2023), after having already
prepared the community and procured the plant and equipment, with
full production targeted to start in 2025.
KEFI Executive Chairman, Harry Anagnostaras-Adams,
commented:
"For fifteen years, KEFI Gold and Copper has been diligently
building its foundations in the two largest countries of this world
class minerals region known as the Arabian Nubian Shield. We are
proud to now have three advanced projects coming on stream over the
next few years with combined metal content of nearly US$10 billion,
approximately 50% of which is to KEFI's account.
"The Tulu Kapi gold project in Ethiopia will be the first to
trigger its start-up, preparing now for finance closing and launch.
We expect the project finance syndicate to sign the Final Umbrella
Agreement later this month, reflecting the progress of intense
preparations by each party including far-reaching initiatives taken
by the Government in respect of matters which are critically
important and most encouraging for the minerals sector and not just
our Project. We are extremely grateful for the Ethiopian
Government's vigorous support and collaboration.
"We have assembled a first-class regional platform across Saudi
Arabia and Ethiopia, with strong local partners and with leading
regional development banks and contractors for each country,
between them providing over 95% of the development capital for the
three start-ups that we plan.
"KEFI is proud to be honouring its commitment to bring to its
joint ventures in Ethiopia and Saudi Arabia the human and financial
resources required to spur the development of their respective
modern mining sectors. In Ethiopia, where we are about to start
development, we are especially honoured to have the strong backing
of the local community.
"Under our social performance programmes at the Tulu Kapi gold
project in Ethiopia, we have already installed the local school,
water supply and roads in the project area. This is just the
beginning of what we plan to be a long-term community development
programme built around thousands of training and employment
opportunities, preferred local supply and related programmes for
sustainable long-term development in accordance with World Bank IFC
Performance Standards."
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)
Tim Metcalfe, Florence Chandler +44 (0) 20 3934 6630
Notes to Editor
KEFI Gold and Copper plc
KEFI is focused primarily on the development of the Tulu Kapi
Gold Project in Ethiopia and its pipeline of highly prospective
exploration and development projects in the Kingdom of Saudi
Arabia, also in the Arabian-Nubian Shield. KEFI targets that Tulu
Kapi Gold, along with its two most advanced Saudi projects Jibal
Qutman Gold and Hawiah Copper-Gold will come into production over
the period 2025-2027 and will generate cash flows for capital
repayments, further exploration and dividends to shareholders.
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