TIDMKEFI
RNS Number : 8068R
KEFI Minerals plc
05 March 2019
5 March 2019
KEFI Minerals plc
("KEFI" or the "Company")
Ethiopian Prime Ministerial Support
PDAC Mining Africa Keynote Speech
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, announces that Mr Harry
Anagnostaras-Adams, Managing Director of KEFI and Chairman of the
Tulu Kapi Gold Mines Share Company ("TKGM"), will today make a
Keynote Speech at the African Mining segment of the PDAC mining
convention in Toronto.
His presentation, available on the KEFI website, will follow the
opening address given by Ato Assefa Kumsa Afeta, the Ethiopian
State Minister of Mines, Petroleum and Natural Gas.
The material statements made in the opening address and keynote
speech, with regards to the Company's Tulu Kapi Gold Project, will
be as follows:
-- The State Minister and Harry Anagnostaras-Adams met with the
Ethiopian Prime Minister, Dr Abiy Ahmed, at the end of last week,
where he gave his full support and issued the relevant instructions
to all relevant Ethiopian Government agencies to forthwith enable
commencement of construction of the Tulu Kapi Project.
-- The Ethiopian Government announced yesterday, 4 March 2019,
that the Federal Council of Ministers had approved an extra budget
allocation for this 2018-2019 budget year to cover, inter alia,
this budget period's costs of the construction of roads and
electricity connection for the Tulu Kapi Gold Project.
-- TKGM is the first new major mining project in decades and is
intended to mark the start of a modern Ethiopian mining sector, the
regulations for which are being streamlined with a view to rapid
growth.
-- Ethiopia is already Africa's highest growth country and the
current administration is aggressively looking to build on this by
opening up the significant potential of its minerals sector.
-- A key feature of the Tulu Kapi Gold Project is its strong
community support and its emphasis of maximum local participation
through employment, procurement and approximately 50% ownership by
Government-sector institutions and private-sector institutions.
-- All syndicate members remain on track for the respective
contributions to the Project as previously outlined by the
Company.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
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 20 3470 0470
Jeff Keating, Soltan Tagiev
Brandon Hill Capital Ltd (Joint Broker) +44 20 7936 5200
Oliver Stansfield, Jonathan Evans
SVS Securities Plc (Joint Broker)
Tom Curran / Ben Tadd +44 20 3700 0078
IFC Advisory Ltd (Financial PR and IR) +44 20 3934 6630
Tim Metcalfe, Heather Armstrong
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 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 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 Gold and Minerals Ltd ("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.
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 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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