Business
Independently Reviewed Cost Estimates- Replacement
Independently Reviewed Cost Estimates- Replacement.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nRNS Number : 1663T Kefi Minerals plc 01 October 2014 \n \n\n \nThis announcement amends and replaces the announcement of the Independently Reviewed Cost Estimates made by the Company on 1 October 2014 at 7.49am BST, issued under RNS number 1169T. The revised announcement includes a correction to the numbering of the Notes. All other details remain unchanged. The full amended text is shown below. \n \n1 October 2014\n \nKEFI Minerals Plc \n(\"KEFI\" or the \"Company\")\n \ninDEPENDENTLY REVIEWED COST EStimates FOR TULU KAPI open pit \n \nKEFI Minerals (AIM: KEFI), an emerging gold miner with projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia, is pleased to announce the independent verification of its estimated costs for the development and operation of the Company's Tulu Kapi gold project in Ethiopia. \n \nHighlights\n \n· Total operating costs estimated at $626/oz\n· All-in-costs are estimated at $844/oz including royalties - well below global industry averages\n· Initial capital expenditure is estimated at circa $130 million\n· Working capital required for start-up is estimated at $20 million\n \nHarry Anagnostaras-Adams, Chairman of KEFI, commented: \"We are pleased to report the independent review of our estimated costs for the development and operation of Tulu Kapi. The estimated cash flows and values have been significantly improved. Operating costs are estimated at $626/oz and, most importantly, we have lowered the all-in-costs as compared with those estimated by the previous owner of the asset, which, at $844/oz including royalties, are well below global industry averages. \n \n\"This independent verification represents another key milestone towards reactivating the Mining Licence Application in October 2014 and reaffirms our expectations that construction will commence in 2015.\" \n \nThe Company is now focused on re-activating the Tulu Kapi Mining Licence Application in October 2014, af...