KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) said rapid progress has continued to be made at the Hawiah copper-gold project and the contiguous Al Godeyer exploration licences in Saudi Arabia by its Gold & Minerals Ltd (G&M) joint venture.
Development of G&M's projects in due course is intended to be partly funded by shareholders (25%) with the rest coming from project debt-funding. KEFI has a 30% stake in G&M and is the operator, while local Saudi partner, ARTAR, holds the remaining interest.
G&M's projects look likely to be developed following construction of KEFI’s Tulu Kapi gold project in Ethiopia, the full launch of which is targeted by mid-2022, said AIM-traded KEFI.
"Our 2022 projects in Saudi Arabia took off two months ago, with the reporting of a significantly expanded and upgraded mineral resource estimate at Hawiah, the granting of the Al Godeyer exploration licences and the informal indications from the Saudi Arabian Ministry of Mineral Resources that our Jibal Qutman gold project will have its mining licence application processed this year,” said KEFI chairman Harry Anagnostaras-Adams.
KEFI said its key 2022 objectives in Saudi Arabia are completing a pre-feasibility study at Hawiah; updating Jibal Qutman's development plans; and rapidly hitting the ground at Al Godeyer, where early results indicate significant Volcanic Massive Sulphide (VMS) potential, similar to the copper-gold deposits at Hawiah.
“Success at Al Godeyer would potentially add substantial value to the development of the Hawiah project,” said Anagnostaras-Adams.