KEFI Minerals plc (LON:KEFI) is now pulling together project finance for the Tulu Kapi gold project in Ethiopia, according to Harry Anagnostaras-Adams, the company’s executive chairman.
"It has been an exceptionally busy quarter,” he says.
WATCH: KEFI focused on size of he prize
READ: “Transformational” first half for KEFI Minerals as it edges towards development at Tulu Kapi
“We are pleased to have now also incorporated plans for extra processing capacity and for the drilling work required to add additional resources. This is a transformational time for KEFI as the team works hard, together with our partners, to build KEFI during the next two years into a +100,000 ounce gold producer.”
It could be quite a prize. After all, as Anagnostaras-Adams notes: “At a gold price of US$1,250 per ounce, the first three production years' projected net free cash flow per annum (after debt service and tax) exceeds the company's current market capitalisation.”
READ: KEFI receives £2.5 mln VAT refund, sets up preliminary field work in Ethiopia
The company implemented its preferred finance plan for Tulu Kapi in July, with the goal of closing the funding package this year.
Meanwhile, work in Saudi Arabia is also continuing.
Shares were changing hands for 4.05p in late deals on Monday.
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