KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) has denied press reports in Ethiopia that it has lost the licence for its Tula Kapi project.
The explorer and developer, with projects in Saudi Arabia and Ethiopia, said it received a Reminder of Deadline letter on 24 June from the Minister of Mines reiterating a new deadline of 30 June to show availability of project funding.
KEFI will also need to check compliance as regards the environment, taxes and duties, land rent and exploration reports.
The company said it is confident that it has complied with all regulatory requirements and said it believes in its ability to achieve its plan.
Shares dipped 6.9% to 0.6p just before close on Monday.