Aim-listed Kefi Gold and Copper has maintained an aggressive, yet risk-managed approach to maintain momentum with its projects in Ethiopia and Saudi Arabia.

Chairperson Harry Anagnostaras-Adams says the company is set to start development of the Tulu Kapi gold project, in Ethiopia, early in the new year, once financing closes, with the production of 190 000 oz/y expected to start late in 2022.

The Hawiah copper/gold project, in Saudi Arabia, is on track to soon have an expanded mineral resource estimate and updated preliminary economic assessment.

Anagnostaras-Adams says Kefi’s focus and tenacity has established it as the leading private sector minerals explorer and developer in both Ethiopia and Saudi Arabia.

“We are at the forefront of the gold and copper sector in the two largest countries within one of the world's greatest underdeveloped mineral provinces – the Arabian-Nubian Shield.

“This has been accomplished at a time when the mineral sectors of both countries are being ambitiously overhauled by their respective governments to de-regulate and stimulate growth. Our timing also coincides with a significant cyclical upturn in gold and copper, Kefi’s principal metals.

“This backdrop is indeed refreshing after many years of the sector being in the cyclical doldrums and also timely given our host countries' proactive steps to boost their respective mining sectors,” he explains.

Kefi further states that the last few months have brought some unusual challenges, which it has managed successfully without business disruption, including a number of temporary Covid-induced lockdowns of teams and activities in both countries, which have since been lifted, as well as the internationally reported conflict in northern Ethiopia, which required elevated security measures at the project.  

Kefi will own 80% of the exploration and holding company for Ethiopia, KME, which, in turn, will own 56% of Tulu Kapi Gold Mines Share Company (TKGM), thus bestowing Kefi with a 45% beneficial interest in the project.

Kefi is the operating partner of the joint venture company TKGM. 

Kefi looks to finalise agreements with a funding consortium for $221-million required to increase its beneficial ownership from 45% to 65% in the Tulu Kapi gold project.