KEFI Gold Progress for Ethiopia, Saudi Arabia Projects Is on Track


By Joe Hoppe

KEFI Gold & Copper PLC said Monday that progress remains on track for its Ethiopian and Saudi Arabian projects.

The London-listed mining company said that over the next three years, it plans to start gold production in both countries and then start development of the Hawiah copper-gold project in Saudi Arabia. The company said this would bring aggregate production to a gold-equivalent 400,000 ounces a year, with around 200,000 ounces net to KEFI.

Development for all three projects are intended to be almost entirely financed at the project or subsidiary level.

KEFI said that progress for the Tulu Kapi, Ethiopia, project remains on track for definitive documentation to be signed by the end of the year for financing and project launch, and it is now targeting a 70%-80% ownership interest in the project.

In Saudi Arabia, the Jibal Qutman project is expected to complete a definitive feasibility study in early 2023, while for Hawiah, an updated mineral resource estimate is expected in December. A preliminary feasibility study is well advanced and set for completion in early 2023.

Shares at 0836 GMT were up 0.01 pence, or 1.2% at 0.85 pence.

Write to Joe Hoppe at joseph.hoppe@wsj.com



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