Business
FIRST QUARTER 2016 OPERATIONAL UPDATE
FIRST QUARTER 2016 OPERATIONAL UPDATE.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nRNS Number : 7157U KEFI Minerals plc 11 April 2016 \n\n 11 April 2016\n \nKEFI Minerals plc \n(\"KEFI\" or the \"Company\")\n \nFIRST QUARTER 2016 OPERATIONAL UPDATE\n \nKEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia, is pleased to provide its quarterly operational update for the period from 1 January to 31 March 2016. The update encompasses the activities of KEFI Minerals (Ethiopia) Ltd (\"KME\") in Ethiopia and Gold & Minerals Ltd (\"G&M\") in Saudi Arabia.\n \nTulu Kapi Gold Project (\"Project\"), Ethiopia\n(Wholly-owned by KEFI; Government entitled to 5% free carried interest)\n \nFinancing:\nSince acquiring Tulu Kapi in December 2013, KEFI has reduced the planned capital expenditure (including working capital) from c. US$289 million to US$120 million by expanding the resource base and introducing semi-selective mine plans via contract mining. Over the same period, KEFI's estimate of total capital requirement has remained at c. US$145 million, after adding financing costs and cost-overrun facilities to the capital expenditure. Highlights of the quarter include:\n· Project finance syndication continues towards formal approval from the finance syndicate and shareholders being obtained in Q2-16. This will be followed by financial settlement in Q3-16, subject to the satisfaction of typical conditions precedent including full inter-creditor arrangements being approved by the National Bank of Ethiopia.\n· Procurement and detailed engineering conducted with the EPC contractor has kept the project on track for construction of the process plant to start in Q4-16. Mine contrac...