KEFI Minerals (LON:KEFI) remains on track to become a gold producer by 2017, its chairman said today.
KEFI has two main projects on the go currently, at Tulu Kapi in Ethiopia and Jibal Qutman in Saudi Arabia.
At Tulu Kapi, the focus is on completing a definitive feasibility study this quarter and securing financing, said Harry Anagnostaras-Adams, executive chairman.
Work will start on the preliminary feasibility study for a heap leach mine at Jibal Qutman in the third quarter this year, with the study to be completed mid-2016.
This will coincide with the commencement of the processes for submitting a Mining Licence Application.
“As a result, KEFI is on schedule for commencing development in 2015, commissioning in 2016 and production in 2017 at Tulu Kapi.
“This is expected to be complemented by progress at Jibal Qutman in Saudi Arabia, in particular.”
Losses in 2014 were £3.96mln (£2.6mln) while cash at the year-end was £640,000 since when it raised around £1.7mln through equity issues.