Kefi Gold and Copper PLC Tulu Kapi Update (5221I)
August 07 2023 - 6:19AM
UK Regulatory
TIDMKEFI
RNS Number : 5221I
Kefi Gold and Copper PLC
07 August 2023
7 August 2023
KEFI Gold and Copper plc
("KEFI" or the "Company")
Tulu Kapi Update
KEFI (AIM: KEFI), the gold exploration and development company
with projects in the Federal Democratic Republic of Ethiopia and
the Kingdom of Saudi Arabia, notes the Ethiopian Government's
declaration of a state of emergency in the Amhara region of
Ethiopia.
Unlike the previous nationwide State of Emergency, this is only
applicable to the current conflict area in the Amhara region,
specifically at Gondar, approximately 700km from the Company's Tulu
Kapi Gold project ("Tulu Kapi" or the "Project"). To maximise
security and protect the timing of Project launch, TKGM has for
some time implemented security in accordance with 'red zone'
(higher risk category) protocols, despite the Project area
typically rating as 'green' (low risk).
All Project syndicate parties, who are experienced with Ethiopia
and expect localised tensions from time to time, have been provided
with detailed monthly reports by independent security assessors,
Constellis, and are fully appraised of both the typical situation
around Tulu Kapi, and the regional tensions to the north of the
country. The recent Constellis reporting has been focused on launch
preparations, and has reported that: "TKGM's approach to security
at the Project site and the transport routes in and out, are
sensible, pragmatic and in line with security best management
practice".
The Company remains on track for Project launch, with the
backing of its identified and conditionally assembled US$320
million debt and equity development capital. As anticipated, the
Company has completed its submissions for final formal approvals of
the already established financing terms from the two lead banks
within the funding syndicate, to allow the Company to trigger the
community preparations for launch, finalise the already drafted
detailed definitive documentation for the full syndicate of funders
and satisfy any residual conditions precedent to funds drawdown as
set out under the Final Umbrella Agreement signed in April
2023.
The Company's schedule for Tulu Kapi remains for community
preparations to commence this quarter (Q3 2023), ahead of
procurement and construction commencement next quarter (Q4 2023),
all synchronised with the Government's continued upgrading of
security, as already committed.
Enquiries
KEFI Gold and Copper plc
Harry Anagnostaras-Adams (Executive Chairman) +357 994 57843
John Leach (Finance Director) +357 992 08130
SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker) +44 (0) 20 3470 0470
Jeff Keating, Adam Cowl
Tavira Financial Limited (Joint Broker) +44 (0) 20 7100 5100
Oliver Stansfield, Jonathan Evans
IFC Advisory Ltd (Financial PR and IR) +44 (0) 20 3934 6630
Tim Metcalfe, Florence Chandler
Further information can be viewed at
https://www.kefi-goldandcopper.com
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END
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