KEFI Minerals - Blue sky and beyond
KEFI has formally mandated the placing of US$160m of Luxembourg-listed infrastructure bonds, which are expected to fund ownership by the Luxembourg-regulated SPV of the gold processing plant and ancillary infrastructure at the Tulu Kapi Gold Mines Share Company (TKGM), jointly owned by KEFI Minerals (Ethiopia) and the Ethiopian government. This initiative follows a positive draft independent technical expert’s report on the project. Subject to completion of all due diligence, documentation and government approvals, drawdown and development is planned for the end of the Ethiopian wet season, in September. While originally designed as a 1.2Mtpa operation, plant throughput at Tulu Kapi has since been increased to 1.9–2.1Mtpa for around the same overall capital cost.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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