KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) said it is evaluating ways to optimise its Jibal Qutman and Hawiah projects in Saudi Arabia given 'the very positive regulatory support' in the country.
Ahead of its AGM Harry Adams, executive chairman, said drilling last year had better defined the known mineral resources at the projects and discovered nearby deposits.
“Given the expected expansion in resources, the ongoing development feasibility studies are focused on establishing the optimal start-up strategies and ultimate potential scale, together with drilling programmes to upgrade and expand GMCO's copper-gold mineral resources in this major VMS district,” he said.
In Ethiopia, Adams reiterated that “excellent progress” is being made with the intense Early Works programme following the launch of the Tulu Kapi gold mine building programme in May 2024.
“The Early Works programme is designed to take Tulu Kapi through to September 2024, and provide the basis for the full close of the US$320 million project finance package and commencement of Major Works in October 2024, ahead of the commissioning of production in mid-2026,”
Adams added: “The recent positive pivot of our two host countries and now record high metal prices is a welcome piece of good luck.
"It is important that we push forward with that tailwind.”