Being a small dynamic company allows KEFI Minerals (LON:KEFI) to move quickly and become an early entrant into countries that are becoming attractive for mining investment, managing director Jeffrey Rayner said in this morning’s interim results.
KEFI demonstrated this over the recent months after it sold several projects in Turkey, and subsequently moved into Saudi Arabia and Morocco.
It was granted a mineral exploration licence in Saudi Arabia and began a field program, and it subsequently received approval from authorities for two further licences. Meanwhile exploration licence applications are pending on a further seventeen licences in Saud Arabia.
In Morocco it entered into an agreement that secured a period of exclusivity over the Tiouit Gold-Copper Mine in Morocco, as well as the associated tailings retreatment project.
According to a non-JORC estimate the Tiouit tailings dams contain about 460,000 tonnes grading between 3 and 4 grams per tonne gold and 20 to 30 grams per tonne silver, KEFI said. Furthermore it believes that significant exploration potential remains in the licence areas along with remnant ore in the now closed, underground mine.
Commenting on the group’s operations Jeffrey Rayner said: "KEFI Minerals continues to explore for copper and gold deposits in Saudi Arabia.
“Field exploration recently began at our Selib North Project which is the first Exploration Licence granted in Saudi Arabia.
“We are also evaluating the Tiouit Gold-Copper Mine in Morocco, which represents an excellent opportunity for KEFI Minerals to potentially quickly become a gold producer.
“During 2011, KEFI Minerals has sold several projects in Turkey which enabled the Company to move onto other prospects with a greater chance of exploration success. Our policy has always been to rapidly assess and, where appropriate, turn over projects in our exploration portfolio.”