KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) executive chairman Harry Anagnostaras-Adams joined Proactive's Stephen Gunnion with news of another discovery on the Jibal Qutman Gold project in Saudi Arabia by its minority-owned joint venture GMCO.
KEFI's GMCO joint venture partner, ARTAR, has agreed to fund the ongoing programme at present to ensure swift progress continues.
Anagnostaras-Adams also provided a comprehensive update on the company's progress and future strategies.
With a 15-year journey in frontier markets, KEFI has discovered around 5 million ounces of gold, attributing 2 million ounces to its account at a remarkably low cost of $32 per ounce. This achievement aligns well with the company's long-term strategy of targeting low-cost, high-yield opportunities, significantly under the industry benchmark of 10 times that amount.
KEFI has established strong local alliances in Ethiopia and Saudi Arabia, overcoming numerous security, regulatory, and property rights challenges. These efforts have recently paid off, with both countries now actively encouraging the development of their mining sectors. Notably, KEFI announced a gratifying new discovery in Saudi Arabia, marking a major milestone after overcoming an eight-year regulatory setback.
Financially, Anagnostaras-Adams said KEFI's projects are robustly supported. The Tulu Kapi gold project in Ethiopia, for example, has secured a $320 million financing package, led by Eastern and Southern African Trade and Development Bank and African Finance Corporation. The Ethiopian government and multinational corporations' subsidiaries also contribute, highlighting diverse and strategic funding sources.