KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF), the mining development company, has hailed the ‘substantial progress’ made to date across all projects in Ethiopia and Saudi Arabia as it provided investors with a comprehensive update.
It said the draft definitive agreements for the US$320 million financing plan for the Tulu Kapi operation in Ethiopia are expected to be finalised ‘soon’ after all necessary government approvals are received.
The company confirmed it expects the project to be in full production in 2025.
In Saudi Arabia, KEFI's GMCO has become a leading explorer, developer, and producer in the rapidly growing Saudi minerals sector. Its growth has coincided with the Saudi government's initiatives to welcome international expertise and fast-track the growth of its mining sector.
GMCO has two major projects advancing towards development: Hawiah Copper-Gold Project and Jibal Qutman Gold Project, with the latter expected to produce a better-than-expected 50,000 ounces of gold per year over 10 years - up from an original 30,000 ounces.
The company also said it is exploring a potential dual listing in Saudi Arabia.
On progress to date, chairman Harry Anagnostaras-Adams said: "It has taken a huge effort over a much longer period than we had anticipated in both countries to deal with innumerable frontier market (for mining) challenges and we greatly appreciate the patience and support of all stakeholders and, in particular, of our host governments and communities, our partners and of course our financiers and shareholders.
"We have built a growing resource inventory of around five million ounces in gold-equivalent terms. That, together with the quality of our projects and our teams, is the reason we have assembled first-tier partners, contractors and financiers. We look forward to reporting more details as we advance each project.”