Business
FOURTH QUARTER 2015 OPERATIONAL UPDATE
FOURTH QUARTER 2015 OPERATIONAL UPDATE.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nRNS Number : 3734K KEFI Minerals plc 30 December 2015 \n\n 30 December 2015\n \nKEFI Minerals plc\n(\"KEFI\" or the \"Company\")\n \nFOURTH Quarter 2015 Operational UPDATE \n \nKEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Kingdom of Saudi Arabia and the Democratic Republic of Ethiopia, is pleased to provide its quarterly operational update for the period from 1 October to date. 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, Ethiopia\n(Wholly-owned by KEFI; Government entitled to 5% free carried interest)\nFinancing:\n· Schedule remains on track for project finance syndicate documentation and inter-creditor arrangements to be assembled and approved by syndicate and National Bank of Ethiopia for full drawdown by mid-2016.\n· December:\no Preferred banks selected and their mandates are being finalised and processed for formal approval.\no Finance plan refined to protect project and all its undertakings against fluctuations in gold price.\n· November: Government of Ethiopia confirmed its intention to invest equity capital of US$15-20 million.\n· October: Estimated costs finalised along with appointment of industry-leading contractors for mining and for construction and start-up of process plant.\nProject: \n· Production start remains scheduled for 2017.\n· Project contractors commenced preparations, which continue on schedule with FEED (front end engineering and design) due to complete in February 2016, followed by det...