Addis Ababa, Ethiopia (2 July 2022)
KEFI Gold and Copper PLC, formerly KEFI Minerals PLC, is an exploration and development company focused on gold and copper deposits, primarily on developing the advanced Tulu Kapi Gold Project in Ethiopia. According to the company’s website, the site is expected to yield 140,000 ounces of gold per annum at an All-in Sustaining Cost of approximately US$800-900/ounce over the initial 7-years of mining the open pit.
According to the performance update it released on June 15, 2022, KEFI’s progress in Ethiopia over the past month has managed to stay on course, with some progress on multi-party project financing activities and early development works. The statement further claimed to have kept the Ministry of Mines (MoM) informed of their proceedings as a show of good faith.
The fact remains, however, that KEFI Minerals executives have been unable to meet the MoM’s request for the USD80 million equity contribution. Failure to do so by the end of the month will result in the revocation of their license, according to Takele Uma, the Minister of MoM.
As per The Reporter Ethiopia Newspaper, Harry Anagnostaras (Chairperson at KEFI) maintains that 30% of their equity contribution had already been presented as working capital to the National Bank of Ethiopia eight years ago and plans to present their financial statement showing they have used it to run the company. Takele has previously rejected considering their expense thus far as part of their equity contribution and wants the full fund to be deposited in a bank recognized and validated by the central bank.
KEFI is expected to present the Ministry with evidence of the full funding capacity of each syndicate member before beginning extraction in August 2022.
To read the full performance update released by KEFI, download their statement using the link: https://www.kefi-minerals.com/files/announcements/kefi-ethiopian-development-update-15june22.pdf
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