Kefi Minerals plc Appointment of Head of Operations (7794F)
25 February 2015 - 6:02PM
UK Regulatory
TIDMKEFI
RNS Number : 7794F
Kefi Minerals plc
25 February 2015
25 February 2015
KEFI Minerals plc
("KEFI" or the "Company")
STRENGTHENING OF kefi MANAGEMENT WITH APPOINTMENT OF Head of
operations
KEFI Minerals plc (AIM: KEFI), the gold exploration and
development company with projects in the Kingdom of Saudi Arabia
and the Democratic Republic of Ethiopia, is pleased to announce the
appointment of Mr Wayne Nicoletto as Head of Operations of the
Company and Managing Director of KEFI Minerals Ethiopia Limited, a
wholly-owned subsidiary of the Company. He joins the senior
leadership team, reporting to the Executive Chairman. The
appointment is effective immediately and he will be based in
Ethiopia to build-up the Company's organisation with Dr Kebede
Belete, Country Manager for KEFI.
Mr Nicoletto has approximately 30 years' experience in the
mining industry as a metallurgist and a general manager,
specialising in design, start-up and operation of gold mines in
Africa, Central Asia and Australia. Over the past 15 years, Mr
Nicoletto has been primarily heading up operations in gold mines in
Africa, including General Manager and Country Head of the Edikan
Mine in Ghana and SMD in Guinea as well as Vice President
Operations of Boroo Gold Mine in Mongolia. Mr Nicoletto's training
was in the West Australian School of Mines in Kalgoorlie.
Harry Anagnostaras-Adams, Executive Chairman of KEFI Minerals,
added: "We welcome Mr Nicoletto to the KEFI leadership team. He has
the right credentials and we look forward to him using his
extensive experience in finalising KEFI's development plans,
operational team building, mine contracting, equipment selection,
tendering, construction and production as we progress towards the
commencement of construction at Tulu Kapi."
Enquiries
KEFI Minerals plc
Harry Anagnostaras-Adams (Executive
Chairman) +357 99457843
SP Angel Corporate Finance
LLP (Nominated Adviser)
+44 20 3470
Ewan Leggat, Katy Birkin 0470
Brandon Hill Capital Ltd (Joint
Broker)
Oliver Stansfield, Jonathan +44 20 3463
Evans 5000
finnCap Ltd (Joint Broker)
Joanna Weaving, Christopher +44 207 220
Raggett 0500
Luther Pendragon (Financial
PR)
Harry Chathli, Claire Norbury +44 207 618 9100
NOTES TO EDITOR
KEFI Minerals plc
KEFI is the operator of two advanced gold development projects
within the highly prospective Arabian-Nubian Shield, with an
attributable 2 Moz (95% of Tulu Kapi's 1.9 Moz and 40% of Jibal
Qutman's 0.6 Moz) Au Mineral Resources (JORC 2012) plus significant
resource growth potential. KEFI is targeting for production at
these projects to generate cash flows for further exploration and
expansion as warranted, recoupment of development costs and, when
appropriate, dividends to shareholders.
Expected milestones for the remainder of 2015 at Tulu Kapi
include:
-- Receipt of Mining Licence in Q1 2015
-- Independently refined and verified Ore Reserves, mine plan, capex, opex & closure costs
-- Independently updated Definitive Feasibility Study for banking purposes
-- Formalisation of bank syndicate, agreement of final terms for project finance
-- Full development funding and commencement of construction
In addition, during 2015 KEFI anticipates submitting a Mining
Licence Application for Jibal Qutman in Saudi Arabia through its
joint venture company, Gold & Minerals Ltd ("G&M").
KEFI in Ethiopia
KEFI has 100% ownership of the Tulu Kapi licence in western
Ethiopia and is at an advanced stage in refining the development
plan for the project, aimed at reducing the previously planned
capital and operating expenditure. Detailed research has yielded
encouraging results and has been summarised in recent Company
announcements.
At the end of 2013, the Ethiopian Government improved the fiscal
regime applying to the gold sector, and Tulu Kapi in particular.
This included lowering the income tax rate for mining (to 25% from
35%); settling of repayment schedule for inherited VAT liability
(over three years rather than up-front); the removal of VAT on
future exploration drilling expenditure; lowering royalty on gold
mining (to 7% from 8%); accelerating the depreciation of historical
and future capital expenditure (over four years); and clarifying
the workings of the Government's 5% free-carried interest so that
it does not impede conventional project financing terms.
KEFI in the Kingdom of Saudi Arabia
In 2009, KEFI formed G&M in Saudi Arabia with local Saudi
partner Abdul Rahman Saad Al-Rashid & Sons Company Limited
("ARTAR"), to explore for gold and associated metals in the Arabian
Shield. KEFI has a 40% interest in the G&M and is the operating
partner. To date, the G&M has conducted preliminary regional
reconnaissance and has had five Exploration Licences ("EL")
granted, including Jibal Qutman and the recently granted "Hawiah
EL" that contains over 5km of outcropping gossans developed on VMS
altered and mineralised rocks.
G&M holds 23 Exploration Licence Applications that cover an
area of approximately 1,484km(2) . 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 instituted 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.
-Ends-
This information is provided by RNS
The company news service from the London Stock Exchange
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