KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) said progress over the past month on its Tulu Kapi Gold Mines (TKGM) joint venture project in Ethiopia remained on track, with further advances on multi-party project financing activities and early development works.
"We continue to accelerate activities in preparation for signing the financing syndicate Umbrella Agreement this month, then signing individual definitive agreements over the following few months, enabling full Tulu Kapi construction to commence from the end of the wet season in October 2022,” said executive chairman Harry Anagnostaras-Adams.
The AIM-traded company said had received and is reviewing a final pricing proposal from the mining contractor.
It has also commissioned further refinements of the process plant construction contract and pricing, and said current supply chain strains internationally warrant intensified due diligence.
KEFI also has two development projects in Saudi Arabia - The Jibal Qutman gold project and the Hawiah copper-gold project.
"KEFI has significant momentum as we progress our three advanced projects in two countries that are now overtly pro-development,” said Anagnostaras-Adams.
“These three projects provide the opportunity for the company to establish itself as a production leader in the Arabian Nubian Shield, having already established itself as an exploration leader with a now-established mineral resources of c.4.7 million ounces gold-equivalent in Ethiopia and Saudi Arabia."