KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) said it is looking at potential dual-listing on local stock exchanges as it projects in Ethiopia and Saudi Arabia move forward.
Either KEFI itself or an appropriate other group company might join a larger international stock market for mining or in one of the new and more buoyant stock markets in its region, said a statement alongside its results for 2023.
KEFI noted that since its IPO in 2006, the number of AIM companies has roughly halved to the end of 2023, while the market capitalisation of the junior mining sector (US$100m+) globally has dropped by 77% to the end of 2023 since it peaked in 2011.
“These patterns have barely changed during the first half of 2024. We are considering some alternatives and will select the route that provides the best long-term backing and alignment with key stakeholders.”
In Ethiopia, KEFI added focus is now on completing the Early Works at Tulu Kapi, closing the US$320 million project finance package and launching Major Works in October 2024. Gold production would then commence in mid-2026.
“Simultaneous with the triggering of full development at Tulu Kapi, we intend to re-commence exploration programmes in Ethiopia and intensify our exploration program in Saudi Arabia," it added.
“In Ethiopia, the initial focus will be below the planned open pit where we already have established an initial resource for underground mining at an average grade of 5.7g/t gold.
“We also intend to follow up drilling which indicated good potential for nearby satellite gold deposits in the Tulu Kapi District.
“In Saudi Arabia, further drilling is being undertaken during 2024, in particular for satellite deposits near Hawiah and Jibal Qutman.”
Losses in 2023 were £7.89 million (2022: £6.36 million).