KEFI Gold and Copper - Rounding the final bend
KEFI Gold and Copper (KEFI) has, this week, made two announcements pertinent to its future. In the first, it announced the renewal of its Jibal Qutman exploration licence in Saudi Arabia, which opens the way for the commencement of field programmes and environmental studies etc required ahead of the award of a mining licence. In the second, this morning, it announced continued progress with project financings (including final costs and schedules for a combined open pit and underground mine) at Tulu Kapi. The company expects that the final finance plan will be published in mid-November and that it will remain consistent with that published in its recent annual report, with syndicate member contributions being adjusted as required and residual equity funding being met from the exercise of outstanding warrants (at a strike price of 1.6p/share) ahead of full project launch by the end of the year (cf October previously). This would be a very successful outcome within the context of current stock market turmoil and in a country in which the working environment can only be described as ‘challenging’.Kefi Minerals is a gold miner. Co. is engaged in the exploration for mineral deposits of precious and base metals and other minerals that appear capable of commercial exploitation, including topographical, geological, geochemical and geophysical studies and exploratory drilling. In addition, Co. evaluates mineral deposits determining the technical feasibility and commercial viability of development, including the determination of the volume and grade of the deposit, examination of extraction methods, infrastructure requirements and market and finance studies. Co.'s exploration activities are located in the Kingdom of Saudi Arabia (through the jointly controlled entity) and Ethiopia.
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