KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) executive chairman Harry Anagnostaras-Adams talked with Proactive about a major milestone for the company’s flagship Tulu Kapi gold project in Ethiopia. He described the latest announcement as the most significant since KEFI decided to focus on the Arabian Nubian Shield in 2008.
Anagnostaras-Adams confirmed that all stakeholders in the project have now given the green light, marking the start of the next phase. He emphasized that there is no risk of being blocked, as land resettlement is progressing with the support of the local community. The process, involving thousands of people, is expected to be completed within a month, alongside final project preparations.
He reiterated that the company has passed the “point of no return” and is now expediting the project’s launch. Investors seeking more details on KEFI’s technical, environmental, and financial studies can find extensive information on the company’s website.
Proactive: Harry, very good to speak with you. You've been on the ground for ten years getting KEFI set up in Saudi Arabia and Ethiopia. How do you rate the significance of today's RNS, and as KEFI’s founder, what does it mean to you?
Harry Anagnostaras-Adams: Well, it's been a long journey, and I'd say it's the most important announcement since we decided in 2008 to focus on the Arabian Nubian Shield. Having set that course, we then dealt with the geopolitics, regulatory systems, and all the other conditions of that environment.
Today's announcement is essentially the decision by all stakeholders in our flagship project to go ahead. That 2008 decision defined the challenges we would have to confront, the surprises we would have to deal with, and both the good and bad news along the way. But today’s announcement marks the next chapter for the company because Tulu Kapi—our flagship project and arguably one of the best two or three gold projects in Africa in terms of grade and recovery—has now been given the go-ahead by everyone involved in funding and operations.
For me, this is the most significant moment since 2008.
Proactive: At Tulu Kapi, I understand the company gets land access after resettlement terms are agreed with landholders. Is there a risk of being blocked, and how long does it take for governments to finalize resettlement agreements?
Harry Anagnostaras-Adams: There is no risk of being blocked because it's a compulsory acquisition. However, we don’t really have to rely on that because the community has long been ready to proceed. In fact, they’ve been frustrated that the project hasn’t already gone ahead.
As for the timing, the surveying has already started. It’s not a simple clerical exercise—there are thousands of people involved, and relocating them from ancestral properties means providing new places to live and a livelihood restoration program. But they are fully informed and prepared for this process.
The government should take about a month to complete the resettlement process. At the same time, we will be finalizing all other preparations. Then, there’s the certification process, where banks and third parties independently verify that everything has been done to world-class standards. After that, we proceed.
We’ve passed the point of no return, so now it’s about executing and launching the project.
Proactive: If investors or stakeholders want more details on the project's technical, environmental, and financial studies, where can they find this information?
Harry Anagnostaras-Adams: Our website, https://www.kefi-minerals.com, is highly informative—probably more transparent than most in the industry. We have our Environmental and Social Impact Assessments (ESIA), Definitive Feasibility Studies (DFS), and all relevant updates available there.
I’d be surprised if 99% of visitors didn’t find more than they expected in terms of modeling, financials, and other key information. It has been recently updated as well, so I’d recommend checking it out.
Proactive: Take a look at that website. Harry, thank you very much as always for the updates. Looking forward to speaking with you again soon.