KEFI Minerals plc Lifting of Ethiopian State of Emergency
05 June 2018 - 10:03PM
RNS Non-Regulatory
TIDMKEFI
KEFI Minerals plc
05 June 2018
5 June 2018
KEFI Minerals plc
("KEFI" or the "Company")
Lifting of Ethiopian State of Emergency
KEFI Minerals (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 note that
the Ethiopian Parliament today lifted the official State of
Emergency two months ahead of schedule. It had been introduced as a
precautionary measure in February 2018 upon the resignation of the
previous Prime Minister to facilitate a transition to a new
leadership, which has since occurred smoothly.
Throughout this process the Company has remained in a constant
and productive dialogue with the relevant new and existing
Ethiopian governmental and ministerial officials and has seen whole
hearted support for the Company's Tulu Kapi flagship project ("Tulu
Kapi"), in which the Government of Ethiopia has already committed
to take a direct stake, as previously disclosed.
The Company can confirm that throughout the State of Emergency
day-to-day operations at Tulu Kapi were unaffected.
Enquiries
KEFI Minerals plc
Harry Anagnostaras-Adams (Executive
Chairman) +357 99457843
John Leach (Finance Director) +357 99208130
SP Angel Corporate Finance
LLP (Nominated Adviser) +44 20 3470 0470
Ewan Leggat, Jeff Keating,
Soltan Tagiev
Brandon Hill Capital Ltd (Joint
Broker) +44 20 7936 5200
Oliver Stansfield, Jonathan
Evans
RFC Ambrian Ltd (Joint Broker) +44 20 3440 6817
Jonathan Williams
IFC Advisory Ltd (Financial
PR and IR) +44 20 3934 6630
Tim Metcalfe, Heather Armstrong
Further information can be viewed at www.kefi-minerals.com
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 1.93Moz (100% of Tulu Kapi's 1.72Moz and 40% of Jibal
Qutman's 0.73Moz) gold Mineral Resources (JORC 2012) plus
significant resource growth potential. KEFI targets that production
at these projects generates cash flows for further exploration and
expansion as warranted, recoupment of development costs and, when
appropriate, dividends to shareholders.
KEFI Minerals in Ethiopia
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 7-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 1,100 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, Abdul Rahman Saad Al Rashid & Sons Company Limited
("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.
To date, G&M has conducted preliminary regional
reconnaissance and has had five exploration licences ("ELs")
granted, including Jibal Qutman and the Hawiah EL that contains
over 6km strike length of outcropping gossans developed on altered
and mineralised rocks with all the hallmarks of a copper-gold-zinc
VHMS deposit.
At Jibal Qutman, Mineral Resources are estimated to total 28.4Mt
at 0.80g/t gold for 733,045 contained ounces. The shallow oxide
portion of this resource is being evaluated as a low capital
expenditure heap-leach mine development.
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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