KEFI Gold and Copper has amended the terms of its gold exploration joint venture GMCO in Saudi Arabia.
Results from feasibility and exploration work carried out in 2023 are expected shortly, KEFI said with the cost of the work some £19 million.
Partner ARTAR funded £3.5 million of KEFI's pari passu 2023 contributions and the ownership of GMCO Is now being adjusted to 75% ARTAR and 25% KEFI (from 27%).
Going forward, Kefi said it expects most of the financing at GMCO to be low-cost loans utilising the Saudi Industrial Development Fund.
Licences for GMCO's exploration and mining project are also to be transferred from ARTAR's name directly into the joint venture’s.
Harry Adams. Kefu’s chairman, added: "KEFI is very fortunate to be a partner in GMCO.
“We have an excellent partnership with majority partner ARTAR and we are collectively and efficiently advancing our portfolio of mining assets in a location that is becoming one of the mining industry's top priorities.
"Given the sizeable exploration expenditure during 2023, as well as ongoing drilling and studies, the company has a substantial pipeline of results to report, which it will release as appropriate during the current quarter and beyond."