Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

KEFI Minerals reveals strong finish to 2015

In December, the focus has been on finalising the financing arrangements that will enable the Tulu Kapi mine to start up in 2017.
KEFI Minerals reveals strong finish to 2015
"This has been another active quarter for KEFI, which rounds off a very successful year,” Adams said.

KEFI Minerals (LON:KEFI) is finishing 2015 in a strong position, according to executive chairman Harry Anagnostaras-Adams.

The junior mining company, which released a fourth quarter update today, says it is on track for the first draw-down on its project finance for the Tulu Kapi project, in Ethiopia, by mid-2016.

It will see the gold mine start-up in 2017.

In December, the focus has been on finalising the financing arrangements.

KEFI assembled a syndicate of lenders, selecting its preferred banks and has been working to finalise mandates for formal approval. It said the finance plan has been refined to protect the project against fluctuations in the gold price.

A project management team was hired in the month. And it released refinements to the project’s definitive feasibility study – which sees 980,000 ounces of gold produced in the mine’s first eight years, at an average rate of 115,000 ounces per year.

Previously, in November, the Government of Ethiopia confirmed an intention to invest between US$15mln and US$20mln. And before that, in October, the company had confirmed finalised cost estimates for the project and appointed contractors.

"This has been another active quarter for KEFI, which rounds off a very successful year,” Harry Anagnostaras-Adams said.

“At our fully-permitted Tulu Kapi gold project, we have assembled a first-class syndicate of backers for our robust project, which remains scheduled to start production in 2017.

"In Saudi Arabia, we have completed the Mining Licence Application for the Jibal Qutman gold project, which is scheduled to commence development in 2017 and fund an ambitious growth agenda in an under-explored province.

"As a result, we finished the year in a strong position and eagerly look forward to reporting further progress in 2016."

Jamie_55a91591db06b.jpg
Why Invest In KEFI Minerals plc? Read More Here

Register here to be notified of future KEFI Company articles
View full KEFI profile

KEFI Minerals plc Timeline

Article
February 13 2017

Related Articles

picture of gold pour
November 10 2016
Kiziltepe is just 75km away and the plan will be for Tavsan to use a lot of its infrastructure for processing.
alkane-resources_zirconia-and-hafnium-concentrate-757.jpg
November 30 2016
The DZP is a large polymetallic resource containing zirconium, hafnium, niobium, yttrium and rare earths.
no_picture_pai.jpg
April 12 2017
Pan African hopes to be in production at Elikhulu in the final quarter of next year.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use