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EPIC: KEFI
Market: AIM
52-week High/Low: 0.80p / 0.26p
Sector: General Mining - Gold
Market Cap: 16.23M
Phone:
Address: 3 Agios Demetrios Street, 2012 Acropolis, Nicosia, Cyprus.
Website: www.kefi-minerals.com
KEFI Minerals plc

KEFI Minerals plc

London-listed company KEFI Minerals plc (AIM: KEFI) is an exploration and development company focussed on gold and copper deposits, primarily in the highly prospective Arabian-Nubian Shield.

KEFI Minerals plc

www.kefi-minerals.com

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Big picture - Why invest in KEFI Minerals plc


KEFI Minerals plc Snapshot

 

 

KEFI Minerals is currently progressing feasibility studies on two gold projects:

  • 95%-owned Tulu Kapi project in Ethiopia with a Probable Ore Reserve of 1.0 million ounces and Mineral Resources totalling 1.7 million ounces; and
  • 40%-owned Jibal Qutman project in Saudi Arabia with Mineral Resources totalling 0.7 million ounces.

As the operator of these joint-venture projects, KEFI Minerals is well positioned to develop these projects prudently while continuing to add value through further exploration.

 

Strategy

Our aim is to create wealth for our shareholders by developing into profitable mines the gold and base metal deposits that the Company has discovered or acquired in a cost-effective manner.

Since KEFI Minerals was formed in 2006, we have rapidly evaluated and relinquished a number of exploration properties as well as acquiring new projects.

The highly prospective Arabian-Nubian Shield has been the Company’s primary focus since 2008 when it commenced exploration activities in the Kingdom of Saudi Arabia.

Our prudent approach is exemplified by the cost-effective acquisition of the Tulu Kapi project in the Democratic Republic of Ethiopia in late 2013. The £4.5 million cost of acquiring 75% of this advanced project equates to only $10 per reserve ounce and provides the information collected from historical expenditure of more than $50 million.

In September 2014, KEFI Minerals acquired the remaining 25% of Tulu Kapi for £750,000 and 50 million KEFI shares.

KEFI Minerals is now positioned as the operator of two gold development projects as well as a cost-effective explorer of its portfolio in the highly prospective Arabian-Nubian Shield.

With the appropriate mix of technical and financial expertise, the Company is prudently progressing its projects into profitable gold production with the aim of returning value to shareholders.

Saudi Arabia

The KEFI Minerals team has been evaluating potential joint ventures and prospects in the Kingdom of Saudi Arabia since mid-2008.

As a 40% shareholder and manager of Gold and Minerals Ltd (“G&M”), KEFI Minerals has established a strong foothold from which to build on the momentum achieved to date.

KEFI Minerals is well placed to advance and develop our projects with the assistance of our partner Abdul Rahman Saad Al Rashid and Sons Limited (“ARTAR”), a leading local industrial group owned by Sheikh Al Rashid and his family.

 

 

G&M Prospects

G&M’s primary target is the discovery and development of a >1 million ounce gold-equivalent deposit in Saudi Arabia’s under-explored Precambrian Shield.

Following the grant of the Jibal Qutman Exploration Licence (“EL”) in July 2012, KEFI Minerals has rapidly identified Mineral Resources totalling more than 600,000 ounces of gold. G&M is now evaluating producing gold via an open cut, heap leach operation while continuing to explore for further shallow gold resources at Jibal Qutman.

Read more...

 

Jibal Qutman EL

The Jibal Qutman EL is located in the central southern region of the Arabian-Nubian Shield and covers an area of 99.9km2. The EL overlies part of the prospective Nabitah-Tathlith Fault Zone, a 300km-long structure with over 40 gold occurrences and ancient gold mines.

KEFI Minerals completed a Pre-Feasibility Study (“PFS”) on the Jibal Qutman Project in March 2014. The PFS demonstrated a profitable carbon-in-leach (“CIL”) operation with All-in Costs (including operating costs, capital expenditure and closure costs) under $1,000 per ounce. Read more...

 

Hawiah EL

In December 2014, the 95km2 Hawiah EL was granted to ARTAR on behalf of the G&M JV. The Hawiah prospect is located within the Wadi Bidah Mineral District (“WBMD”) in the southwest of the Arabian Shield. The WBMD is a 120km long belt which hosts over 24 volcanically hosted massive sulphide (“VHMS”) occurrences and historic workings for copper and gold.

The initial focus at Hawiah is on gold enrichment in surface gossans and a large VHMS target at depth, associated with a 6km-long, north-south exposure of a highly silicified and variably gossanous horizon. Initial surface exploration has confirmed that the gossans are enriched in gold and the mineralisation has good continuity along strike, as well as containing abundant secondary copper showings. Read more...

 

Ethiopia

With a Probable Ore Reserve of 1.05 million ounces and Mineral Resources totalling 1.72 million ounces of gold, the Tulu Kapi gold project in Western Ethiopia is being rapidly progressed towards development.

The Tulu Kapi Mining Agreement between the Ethiopian Government and KEFI was formalised in April 2015. The terms include a 20-year Mining Licence, full permits for the development and operation of the Tulu Kapi gold project and a 5% Government free-carried interest.

In June 2015, KEFI Minerals completed the Tulu Kapi Definitive Feasibility Study (“DFS”) evaluating a conventional open-pit mining operation and carbon-in leach (“CIL”) processing plant. The key DFS outcomes are:

Gold production of 960,000 ounces of gold over a 13-year mine life.
Average All-in Sustaining Costs of US$780/ounce, which ranks the project in the lowest cost quartile globally for gold producers.
Initial funding requirement of approximately US$120 million, based on the planned use of contract-mining and an all-new processing plant.
KEFI Minerals is working towards gold production at Tulu Kapi commencing in 2017.

 

Tulu Kapi

With a Probable Ore Reserve of 1.05 million ounces and Mineral Resources totalling 1.72 million ounces of gold, the Tulu Kapi gold project in Western Ethiopia is being rapidly progressed towards development.

The Tulu Kapi Mining Agreement between the Ethiopian Government and KEFI was formalised in April 2015. The terms include a 20-year Mining Licence, full permits for the development and operation of the Tulu Kapi gold project and a 5% Government free-carried interest. Read more...

 

 

For Tulu Kapi’s resources and reserves please click here.

 

Board of Directors

Harry Adams
Harry Anagnostaras-Adams, Executive Chairman

Harry Anagnostaras-Adams was founder or co-founder of Citicorp Capital Investors Australia, investment company Pilatus Capital, Australian Gold Council, EMED Mining, KEFI Minerals and Cyprus-based Semarang Enterprises. He has overseen a number of start-ups in those and their related organisations principally through the roles of Chairman, Deputy Chairman or Managing Director. He qualified as a Chartered Accountant while working with PricewaterhouseCoopers and has a Master of Business Administration from the Australian Graduate School of Management.

Ian Plimer
Ian Plimer, Non-Executive Deputy Chairman

Ian Plimer (B.Sc. [Hons], PhD, FTSE, FGS, FAIMM) iis Emeritus Professor at The University of Melbourne where he was Professor and Head of the School of Earth Sciences (1991-2005).  He was Professor of Geology (University of Newcastle 1985-1991) and Professor of Mining Geology (University of Adelaide 2005-2012).  He serves on the Boards of ASX-listed companies Silver City Minerals Ltd and Niuminco Group Ltd and unlisted companies Hancock Prospecting companies, TNT Mines Ltd and Perth Resources Ltd.  He represents Hancock Prospecting on the Lakes Oil N.L. Board (ASX: LKO).

John Leach
John Leach, Finance Director

John Leach has over 25 years’ experience in senior executive positions in the mining industry internationally and is currently also the Chief Financial Officer of EMED Mining. He holds a Bachelor of Arts (Economics) degree and a Master of Business Administration. He is a Member of the Institute of Chartered Accountants (Australia), a Member of the Canadian Institute of Chartered Accountants, and is a Fellow of the Australian Institute of Directors.

Norman Ling
Norman Ling, Non-Executive Director

Norman Ling was a member of the British diplomatic service for more than 30 years, for the last ten with the rank of ambassador. He has served in a wide range of countries in the Middle East and Africa. His last post, before retirement, was as Ambassador to Ethiopia, Djibouti and the African Union. For the last two years he has been actively involved with development of the mining industry in Ethiopia.

Mark Wellesley-Wood
Mark Wellesley-Wood, Non-Executive Director

Mark Wellesley-Wood is a mining engineer, with over 40 years’ experience in both the mining industry and investment banking. He has been closely involved in mining activities in Africa, having started his career on the Zambian copper-belt. Mark is a former Executive Chairman and CEO of South African gold miner, DRDGold Limited, and a former director of Investec Investment Banking and Securities in London. He is currently Chairman of AIM-quoted Tri-Star Resources plc.

Senior Management

Wayne Nicoletto
Wayne Nicoletto, Chief Operating Officer

Wayne Nicoletto has approximately 30 years' experience in the mining industry as a Metallurgist and a General Manager, specialising in start-up and operation of gold mines in Africa, Central Asia and Australia. Over the past 15 years, he has been primarily heading up operations in gold mines in Africa, including General Manager and Country Head of the Edikan Mine in Ghana and SMD in Guinea as well as Vice President of Operations of Boroo Gold Mine in Mongolia. He has a BSc in extractive metallurgy, a graduate diploma in mining from the West Australian School of Mines in Kalgoorlie.

 

Kebede Belete
Kebede Belete, Country Manager Ethiopia

Dr. Kebede Belete is a geologist (PhD, Austria; MPhil, UK; BSc, Ethiopia) with more than 25 years of experience. He has worked on exploration projects for the Ethiopian Ministry of Mines, Golden Prospect Mining Company, Minerva Resources and Nyota Minerals in roles including being Exploration Manager and Country Manager. Kebede has been involved with the Tulu Kapi gold project for more than 10 years.

Fabrizio Granitzio
Fabio Granitzio, Group Exploration Manager

Fabio Granitzio (BSc Geol. PhD Eng., MAusIMM) is an exploration and mining geologist with over 18 years experience in exploration and production management of gold, base metals and industrial minerals. He brings an aggressive exploration style to the group. Following his Doctoral research on gold-copper epithermal systems in Sardinia (Cagliari University), he studied these systems in detail at Antofagasta and the giant Escondida (BHP) deposit in Chile. Later work included involvement in the discovery of the Monte Ollasteddu gold deposit (Sardinia) as field exploration supervisor; mine and exploration manager of five open cut bentonite mines (Sardinia), and resource evaluations on similar prospects in Mexico, Morocco and Turkey. In the five years prior to joining KEFI Minerals he was responsible for generating new opportunities for Gruppo Minerali Maffei throughout Europe, Latin America, North Africa, Asia Minor and Australia, assessing and managing projects from grass roots exploration through feasibility stage.

 

Simon Cleghorn
Simon Cleghorn, Resource Manager

Simon Cleghorn is a geologist with 24 years experience in mining geology and project development with emphasis on resource and reserve estimation in primarily gold and base metals mines. He completed his Bachelor of Engineering in Mineral Exploration & Mining Geology (Honors) at the Western Australia School of Mines in Kalgoorlie. His experience has been with international projects in Armenia, Georgia, Russia, south East Asia and project review in Europe and South America as well as Australia. He has been responsible for production geology management, due diligence project review and management of mining studies and project upgrades as well as resource and reserve work for feasibility and scoping studies for project finance and development. This has included geological assessment of projects leading to acquisition in Armenia, Georgia and South East Asia. Simon is a Member of the Australasian Institute of Mining and Metallurgy.

Sergio Di Giovanni
Sergio Di Giovanni, Metallurgist Consultant

Sergio Di Giovanni is a metallurgist with 20 years’ experience in both project development and operations management roles at gold, base metals and iron ore mines. He completed his Bachelor of Science, Mineral Science (Extractive Metallurgy) at Murdoch University, Perth, Western Australia His wide experience has been gained with international mining projects in Spain, Norway, Italy, Mexico, Armenia, Indonesia, Philippines and Australia, where he has been responsible for production management, (mining and processing), commissioning, process and engineering plant design, productivity improvements, human resource management, financial control, financial modelling, project evaluation, project development and metal concentrate sales and marketing. He has been involved assessments of metallurgical aspects of potential acquisition opportunities in Saudi Arabia, Morocco and Turkey.

 

Patrick Gorman
Patrick Gorman, Project Advisor and Consultant Mining Engineer

Patrick Gorman is a mining engineer, BSc (Hons) Mining, Imperial College UK, MSc Mining, Colorado School of Mines and a Chartered Engineer (UK) with 35 years of technical and project experience in a wide range of business, cultural and climatic environments and commodities. Patrick has managed development programs, conceptual evaluations and studies for scoping, pre-feasibility and definitive feasibility stages. He has provided acquisition studies and post privatization support and technical audits for project financing. Patrick’s feasibility study experience has included Escondida copper in Chile, Rebecca gold in Zimbabwe, Loma de Niquel in Venezuela, Castellanos lead/zinc in Cuba. He has worked in over 60 countries and previous clients include BHP-Billiton, Rio Tinto and Barrick. He has led or been a key member of long term technical redevelopment and cooperation programs at Trepca-UNMIK in Kosovo, Jiangxi Copper in China, Buryatzoloto Gold in Russia and Zhayrem Manganese in Kazakhstan. He has formed, managed and legally represented mining companies, consultancies and EPCM company subsidiaries with offices in Australia, Chile and the UK. He is an experienced non-executive director of TSX-V and London-AIM listed mineral resource companies.

Jeff Rayner
Jeff Rayner, Adviser – Exploration and Corporate Development

Jeff Rayner is a geologist with over 24 years’ experience in gold exploration and mining in Australia, Europe and Asia. He started his career in Australia with BHP Gold and later Newcrest Mining Limited. He was involved in the early exploration discovery of the Cracow and Gosowong epithermal deposits and the Cadia Hill deposit, currently all of which are operating mines. In 1998, He joined Gold Mines of Sardinia plc as exploration manager, responsible for exploration and mining in Sardinia and project generation in Europe. During part of his time at Gold Mines of Sardina plc, he lead the exploration discovery of the Monte Ollasteddu gold deposit in Sardinia. He joined EMED Mining in 2006 and managed its Eastern European projects, resulting in the early drill discovery of the Biely Vrch gold deposit in central Slovakia. He was Managing Director of KEFI Minerals from November 2006 until he became Exploration Director of KEFI Minerals in October 2014. He is a Member of the Australasian Institute of Mining and Metallurgy and a Member of the Society of Economic Geologists.

 

As at 22 August 2016, KEFI Minerals had on issue:

3,882,920,433 Ordinary Shares; and
363,306,478    options and warrants with exercise prices of 0.3p to 4.0p.
The significant shareholders in KEFI are:

The Bank of New York (Nominees) Limited (19.80%) – *(Odey Asset Management LLP 19.40%);
J.P. Morgan Securities Plc  10.20% – *(Odey Asset Management LLP 10.20%);
Hargreaves Lansdown (Nominees) Limited (10,00%);
Ausdrill International Pty Ltd  (7.20%);
Barclayshare Nominees Limited (6.30%);
TD Direct Investing Nominees (Europe) Limited (5.30%);
Bny (Ocs) Nominees Limited (4.80%);
Jim Nominees Limited (4,10%);
HSDL Nominees Limited (3,90%);
Board of Directors (3.60%).
* registered holding per last TR1 disclosure

KEFI Minerals Corporate Address
23 Ezekia Papaioannou Str
Office 21, 2nd Floor
Nicosia Cyprus 1075
Phone: (+357) 22 25 61 61

For further information, contact:

Jeff Rayner, Exploration Director
Mobile Phone: +90 533 928 1913 (Turkey) or +966 535 004 480 (Saudi Arabia)

Exploration Office - Turkey
Cemal Gursel Caddesi Yali Apt.
No.304 Kat:4 D.9
35600 Karsiyaka
Izmir, Turkey

Tel: +90 232 381 9431 or +90 232 381 9486
Fax: + 90 232 381 9071
Email:  [email protected]

Exploration Office - Ethiopia

1st Floor, DAMINAROF Building,
Bole Sub-City, Kebele 12/13, H.No, New,
P.O. Box 57100
Addis Ababa, Ethiopia 

Tel: +251 11647 9976/73
Fax:  +251 11647 9975

Exploration Office – Saudi Arabia
Villa No: 14, Khawlah Bint Al Azwar Street (112)
Al Shate’e District / 3
N35W20 Sector
​Jeddah, Saudi Arabia

Share Registrar
Share Registrars Limited
Suite E, 1st Floor
9 Lion & Lamb Yard, Farnham
Surrey GU9 7LL
United Kingdom
www.shareregistrars.uk.com

Nominated Adviser
SP Angel Corporate Finance LLP

Prince Frederick House
35-39 Maddox Street
London W1S 2PP
United Kingdom
www.spangel.co.uk

Joint Broker
Brandon Hill Capital

1 Tudor Street
London EC4Y 0AH
United Kingdom
www.brandonhillcapital.com

Joint Broker
Beaufort Securities Limited

131 Finsbury Pavement
London  EC2A 1NT
www.beaufortsecurities.com

Public Relations
Luther Pendragon
3 Priory Court, Pilgrim Street
London  EC4V 6DE
United Kingdom
www.luther.co.uk

Legal Advisers
Field Fisher Waterhouse

Riverbank House
2 Swan Lane
London   EC4R 3TT
United Kingdom
www.ffw.com

Auditors
Moore Stephens LLP

150 Aldersgate Street
London EC1A 4AB
United Kingdom
www.moorestephens.co.uk

KEFI Minerals Registered Office
27/28 Eastcastle Street
London W1W 8DH
United Kingdom

KEFI Minerals Company Secretary
Cargil Management Services Limited
22 Melton Street
London NW1 2WB
United Kingdom

KEFI Minerals Subsidiary in Turkey
The details of KEFI Minerals’ 100%-owned subsidiary in Turkey are as follows:

Company Name: Dogu Akdeniz Mineralleri Ltd
Commercial Registry Number (Izmir Tic Sicil Number): 132315
Tax Number (Karsiyaka VD): 309 029 7483

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