Photo by: Bloomberg
JOHANNESBURG (miningweekly.com) – Aim-quoted gold and copper miner Kefi Minerals on Wednesday appointed finnCap to act as joint broker to the company with immediate effect.
The group had started transitioning from an exploration-focused company to a development and production group after acquiring in December 75% of the Tulu Kapi gold project, in Ethiopia, for which it was refining the development plan.
“Kefi is now positioned as an operator of two advanced gold development projects within the highly prospective Arabian-Nubian Shield, with an attributable 1.73-million ounces of Joint Ore Reserve Committee-compliant mineral resource [and] significant resource growth potential,” the company said.
The Ethiopia- and Saudi Arabia-focused company believed that, by 2017, the aggregate estimated production attributable to Kefi at these projects could exceed 80 000 oz/y of gold, generating cash flows for further exploration and expansion, the recoupment of development costs and dividends to shareholders.