In an interview with Proactive's Thomas Warner, Harry Anagnostaras-Adams, Chairman of KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF), discussed the company's substantial progress throughout 2023, particularly highlighting developments at the Tulu Kapi Gold Project in Ethiopia and its strategic moves in Saudi Arabia.
As KEFI navigates through a pivotal phase, Anagnostaras-Adams shared insights on the challenges, successes, and plans as the company heads into the new year, reflecting a blend of achievement and optimism.
TW: Harry, it's great to have you with us again. Can you give us an overview of how KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) has fared towards the end of 2023?
HAA: Certainly, Thomas. It's been extremely busy and very successful, although not all details can be disclosed just yet. The end of the year brought some key developments, and it's a relief to reach this stage. We're glad to see everything falling into place.
TW: Focusing on the Tulu Kapi Gold Project in Ethiopia, what can you tell us about its progress this year?
HAA: The Tulu Kapi Gold Project has seen significant progress. Three major prerequisites were met, including the relaxation of foreign exchange controls in October. This allowed us to organize a crucial stakeholder meeting in November. The Ethiopian government, including the Prime Minister, has shown strong support, enabling us to set the stage for a safe launch of the project.
TW: How has the Ethiopian government's response influenced the project's progression?
HAA: The government's quick and emphatic support, especially from the Prime Minister, has been crucial. It led to our lead financiers moving towards final approval of the project. The complexity of the transaction and the need to adhere to the protocols of large financing organizations have caused some delays in formal announcements, but overall, the momentum is positive.
TW: Looking ahead, what are the immediate next steps for the Tulu Kapi Gold Project?
HAA: Post-Ethiopian Christmas, we'll commence the formal resettlement process, expected to take two to three months. This involves working closely with each affected household to ensure a smooth transition. We're aiming for a full launch in the second quarter of the new year.
TW: Shifting focus to Saudi Arabia, what developments has KEFI seen there?
HAA: In Saudi Arabia, the projects are not as advanced as Tulu Kapi, but there's significant progress. We're planning intensive strategy optimization sessions in January. The company has two other development assets that are following close behind Tulu Kapi, which is exciting for us.
TW: To conclude, Harry, how do you feel about the company's position as we head into the new year?
HAA: It's been a remarkable journey from a defensive stance to rapid advancement in our projects. There's a sense of relief and optimism for the future. We're quite busy, but it's a positive busy, and we're looking forward to what's next.