Business
Ethiopia Operational Update
Ethiopia Operational Update.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n\n5 September 2023\nKEFI Gold and Copper plc\n(\"KEFI\" or the \"Company\")\nEthiopia Operational Update\nTulu Kapi Gold Project Nears Construction Startup\nKEFI Gold and Copper Plc (AIM: KEFI), the gold and copper exploration and development company, has focused on the Arabian-Nubian Shield since 2008, assembling a pipeline of projects in the Federal Democratic Republic of Ethiopia and in the Kingdom of Saudi Arabia. We are pleased to provide this operational update covering developments in Ethiopia since the release of the Company's Quarterly Operational Update on 9 August 2023.\nThe period between now and the end of 2023 is particularly important for KEFI and regular updates will be announced. This update encompasses the activities of KEFI, as well as wholly owned KEFI Minerals (Ethiopia) Ltd (\"KME\") and majority-owned Tulu Kapi Gold Mines Share Company (\"TKGM\") also in Ethiopia. A further update on the Company's activities in Saudi Arabia is expected to be announced shortly.\nEthiopia\nTulu Kapi Gold Project\nKEFI is focused primarily on developing the advanced Tulu Kapi Gold Project in Ethiopia. Tulu Kapi has a Probable Ore Reserve of 1.05 million ounces and Mineral Resources totalling 1.7 million ounces. Average planned gold production at Tulu Kapi is forecast to be over 140,000 ounces/year at an All-in Sustaining Cost of approximately US$950/ounce. Almost all the pre-requisites to begin construction are now in place. We remain focused on final credit and board approvals for the project financing, ahead of project launch in Q4 2023, with first production expected by the end of 2025.\nGovernment Facing Agreements\nThe necessary Ethiopian laws and regulations continue to be revised in conjunction with the finalisation of the syndicate's definitive agreements amongst itself and with Government agencies. This week's activities include:\n· Syndicate lenders meeting with the Company in Addis Ababa finalising details with the National Bank of Ethiopia (\"NBE\", being the Ethiopian central bank) as regards capital controls. A recent development was the publication of a new NBE Directive on 14 August 2023 in respect of foreign exchange controls, which is now being combined with TKGM specific project details. The changes within the Directive are positive for the country and KEFI is incorporating f...