Business
Q1 2022 Operational Update
Q1 2022 Operational Update.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9201G\n Kefi Gold and Copper PLC\n 01 April 2022\n \n \n \n \n 1 April 2022\n \n KEFI Gold and Copper plc\n (\"KEFI\" or the \"Company\")\n Q1 2022 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 2022 to 31 March 2022 (\"Q1 2022\"). The Tulu Kapi Gold Project (\"Tulu Kapi\") is under TKGM (planned to be c. 70% owned by KEFI). The Hawiah Copper-Gold Project (\"Hawiah\") and the Jibal Qutman Gold Project (\"Jibal Qutman\") are under G&M (planned to be c. 30% owned by KEFI). Both TKGM and G&M are operated by KEFI.\n \n Ethiopia\n \n \n \n \n \n The security situation has improved enormously in Ethiopia over the past few months, with the end of the civil war in the country's northern regions during December 2021, the lifting of the national state of emergency in February 2022, the agreed ceasefire in March 2022, and the focus of the security forces having now switched to the policing of priority areas like the Tulu Kapi district. \n \n \n \n \n \n Until a few years ago, Ethiopia was one of the world's top 10 growth countries for nearly 20 years running and now, having overcome its recent security issues, is demonstrating a clear determination to expedite the economic recovery and the pursuit of its economic objectives. Tulu Kapi will be the country's first large scale mining project for some 30 years and is designed to the highest international standards. It therefore is imposing many demands on a regulatory system which the Ethiopian Government is upgrading, under strong Ministerial leadership, determined to build a modern minerals sector.\n \n \n \n \n During Q1 2022 TKGM reactivated Tulu Kapi project launch preparations and has recently formally advised the Ministry of Mines of its progress being on schedule and that it can close project finance by mid-year if the security situation is satisfactory and if the few remaining r...