KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) said that following the strategic review of its investment in Saudi joint venture GMCO it had received interest from several parties about the acquisition of its 15% shareholding.
As a result, KEFI has set a deadline of 28 February 2025 for the submission of proposals with indicative terms.
The joint venture GMCO has also been chosen as one of six companies out of 49 applicants for the Kingdom’s Exploration Enablement Program (EEP), designed to boost discovery and investments in the mining sector.
Under the EEP, the Saudi government has allocated around US$183 million for the period until 2030 to expand exploration for strategic minerals in underexplored regions of the kingdom and boost the country’s mining capability.
GMCO is the only private sector company in Saudi Arabia to have achieved significant discoveries and advanced them into development studies since its incorporation in 2008, KEFI added, with a large proprietary database already generated.
Harry Adams, KEFI’s executive chairman, commented: "KEFI takes great pride in GMCO'S vision and achievements since forming the company in 2008 alongside its partner, ARTAR.
"The prestigious and valuable award of government support for exploration is a testament to the exceptional quality of the team's work and performance.
KEFI will also now evaluate the range of proposals from third-party investors, said Adams.
“These proposals include potential opportunities to either acquire KEFI's shareholding in GMCO or invest in an alternative way that strengthens the company's continued growth and development."