Business
Q1 2021 Operational Update
Q1 2021 Operational Update.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3695V\n Kefi Gold and Copper PLC\n 14 April 2021\n \n \n \n \n 14 April 2021\n \n KEFI Gold and Copper plc\n (\"KEFI\" or the \"Company\")\n Q1 2021 Operational Update\n KEFI (AIM: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to provide its latest quarterly operational update.\n This update encompasses the activities of KEFI Minerals (Ethiopia) Ltd (\"KME\") and Tulu Kapi Gold Mines Share Company (\"TKGM\") in Ethiopia, and Gold & Minerals Ltd (\"G&M\") in Saudi Arabia for the period from 1 January 2021 to 31 March 2021 (\"Q1\"), together with more recent developments where appropriate.\n \n In Ethiopia\n \n \n \n \n \n The Tulu Kapi Gold Project \n (the \"Project\" or \"Tulu Kapi\") remains on track overall, in line with previous guidance with the financial closing program having commenced and remaining in progress. Notably, the project finance consortium remains focused on:\n \n \n · \n approval and execution of detailed finance documentation in the current quarter, Q2 2021; \n \n \n · \n receipt of Project equity/subordinated debt subscriptions to settle following the KEFI Annual General Meeting in June 2021 and senior debt drawdown to then follow in H2 2021; and\n \n \n · \n production commissioning of the open pit mine to start in Q4 2022.\n \n \n \n \n In Saudi Arabia\n \n We have commenced a Preliminary Feasibility Study (\"PFS\") for the potential start of development of the Hawiah deposit in 2023. This follows a successful Phase 3 drilling programme which has extended the known mineralisation in the Maiden Resource Estimate (\"MRE\") as previously reported. The MRE was announced 19 August 2020 for the Volcanic Massive Sulphide deposit at Hawiah, of 19.2 million tonnes at 0.9% copper, 0.8% zinc, 0.6 g/t gold and 10.3g/t silver.\n \n The success of the Phase 3 drilling programme has led the KEFI-managed Saudi joint venture operating company, Gold & Minerals Ltd, to already have commenced the 13,500m 'Phase 4' diamond-drilling programme which, coupled with a post-drilling MRE, is intended to upgrade strategic portions of the Hawiah deposit to allow for preliminary mine planning and design as required during a Preliminary Feasibility Study (\"PFS\"...