KEFI Minerals plc Development of Ethiopian Mining Skill Base
14 Novembro 2019 - 10:00AM
RNS Non-Regulatory
TIDMKEFI
KEFI Minerals plc
14 November 2019
14 November 2019
KEFI Minerals plc
("KEFI" or the "Company")
Development of Ethiopian Mining Skill Base
KEFI (AIM: KEFI), the gold exploration and development company
with projects in the Federal Democratic Republic of Ethiopia and
the Kingdom of Saudi Arabia, is pleased to announce that the
Company's Tulu Kapi Gold Project (the "Project") subsidiary, Tulu
Kapi Gold Mines Share Company ("TKGM") has signed a Memorandum of
Understanding ("MOU") with the Ministry of Mines and Petroleum of
The Federal Democratic Republic of Ethiopia, together with the
Western Australia School of Mines, Curtin University ("WASM"), to
develop and enhance the mining skill base in Ethiopia. The MOU was
signed earlier today at an event hosted by the Ethiopian Minister
for Mines and Petroleum, Dr Samuel Urkato and attended by other
dignitaries, including the Australian Ambassador to Ethiopia, His
Excellency Mr Peter Doyle.
The MOU is intended to provide a framework to assist with
providing the necessary skill base to support and assist TKGM with
the development and operation of the Project, the first first
modern minerals mining industrial-scale operation in Ethiopia for
some decades, together with developing world-class mining
competencies in Ethiopia. WASM will be responsible for designing
tailor-made training materials and assessment mechanisms to ensure
the appropriate competencies are available. TKGM's commitments are
already scheduled and budgeted within the Project plans for its own
personnel and those of its principal contractors, Lycopodium and
Perenti/Ausdrill, both of whom are based in Western Australia and
have operated in Africa for over twenty years. The TKGM consortium
is committed to maximising local employment and the local flow-on
benefits of the Project.
Commenting KEFI's Executive Chairman, Mr Harry
Anagnostaras-Adams, said, "We are delighted to have signed this MOU
and to be working with the Ethiopian Government and WASM to both
ensure that we have the right skill base available for our Tulu
Kapi Gold Project and to be assisting Ethiopia more widely in
developing their mining sector."
Enquiries
KEFI Minerals plc
Harry Anagnostaras-Adams (Managing Director) +357 99457843
John Leach (Finance Director) +357 99208130
SP Angel Corporate Finance LLP (Nominated
Adviser and Joint Broker) +44 (0) 20 3470 0470
Jeff Keating, Soltan Tagiev
Brandon Hill Capital Ltd (Joint Broker) +44 (0) 20 7936 5200
Oliver Stansfield, Jonathan Evans
IFC Advisory Ltd (Financial PR and IR) +44 (0) 20 3934 6630
Tim Metcalfe, Florence Chandler
Notes to Editor
KEFI Minerals plc
KEFI is focused primarily on the advanced Tulu Kapi Gold Project
development project in Ethiopia, along with its pipeline of other
projects within the highly prospective Arabian-Nubian Shield. KEFI
targets that production at Tulu Kapi generates cash flows for
capital repayments, further exploration and expansion as warranted
and, when appropriate, dividends to shareholders.
KEFI Minerals in Ethiopia
Ethiopia is currently undergoing a remarkable transformation
both politically and economically.
The Tulu Kapi gold project in western Ethiopia is being
progressed towards development, following a grant of a Mining
Licence in April 2015.
The Company has now refined contractual terms for project
construction and operation. Estimates include open pit gold
production of c. 140,000oz pa for a seven-year period. All-in
Sustaining Costs (including operating, sustaining capital and
closure but not including leasing and other financing charges)
remain c. US$800/oz. Tulu Kapi's Ore Reserve estimate totals 15.4Mt
at 2.1g/t gold, containing 1.1Moz.
All aspects of the Tulu Kapi (open pit) gold project have been
reported in compliance with the JORC Code (2012) and subjected to
reviews by appropriate independent experts.
A Preliminary Economic Assessment has been published that
indicates the economic attractiveness of mining the underground
deposit adjacent to the Tulu Kapi open pit, after the start-up of
the open pit and after positive cash flows have begun to repay
project debts. An area of over 1,000 square kilometres adjacent to
Tulu Kapi has been reserved for exploration by KEFI upon
commencement of development, with a view to adding satellite
deposits to development and production plans.
KEFI Minerals in the Kingdom of Saudi Arabia
In 2009, KEFI formed G&M in Saudi Arabia with local Saudi
partner, ARTAR, to explore for gold and associated metals in the
Arabian-Nubian Shield. KEFI has a 40% interest in G&M and is
the operating partner.
ARTAR, on behalf of G&M, holds over 20 EL applications. ELs
are renewable for up to three years and bestow the exclusive right
to explore and to obtain a 30-year exploitation (mining) lease
within the area.
The Kingdom of Saudi Arabia has announced policies to encourage
minerals exploration and development, and KEFI Minerals supports
this priority by serving as the technical partner within G&M.
ARTAR also serves this government policy as the major partner in
G&M, which is one of the early movers in the modern resurgence
of the Kingdom's minerals sector.
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END
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