Business
Q2 2023 Quarterly Operational Update
Q2 2023 Quarterly Operational Update.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n\n9 August 2023\nKEFI Gold and Copper plc\n(\"KEFI\" or the \"Company\")\nQ2 2023 Quarterly Operational Update\nProgress on All Fronts\nKEFI (AIM: KEFI), the gold and copper exploration and development company, has focused on the Arabian-Nubian Shield since 2008, assembling a pipeline of projects in the Kingdom of Saudi Arabia and in the Federal Democratic Republic of Ethiopia. We are pleased to provide this Q2 2023 operational update covering the three months to 30 June 2023 and more recent developments.\nThis update encompasses the activities of the Company, as well as wholly owned KEFI Minerals (Ethiopia) Ltd (\"KME\"), majority-owned Tulu Kapi Gold Mines Share Company (\"TKGM\") in Ethiopia, and minority-owned Gold & Minerals Ltd (\"GMCO\") in Saudi Arabia.\nThe Tulu Kapi Gold Project (\"Tulu Kapi\") is planned to be greater than 70% beneficially owned by KEFI and held via KME. The Jibal Qutman Gold Project (\"Jibal Qutman\"), the Hawiah Copper-Gold Project (\"Hawiah\") and the other Saudi projects are under GMCO (27% beneficially owned by KEFI).\nHIGHLIGHTS\n· The plan is to launch Tulu Kapi over the next few months in line with the Ethiopian Government's continued upgrade of security protections around the country and preparation of the community. The state of emergency in the region of Amhara is in respect of local issues, which are not expected to disturb Tulu Kapi's launch\n· KEFI has now assembled with regional financiers both debt and equity development capital of US$320 million, in addition to which the mining contractor is supplying the required US$70 million mining fleet\n· We consider TKGM to now be essentially fully permitted, with funding assembled and ready for final credit committee and board approvals of our banks and project investors, who have already drafted proposed final funding package documentation\n· The planned KEFI project development sequencing is as follows:\no 2023 launch Tulu Kapi open-pit in Ethiopia for first production end-2025;\no 2024 launch Jibal Qutman Gold open-pit in Saudi Arabia for first production end-2025;\no 2025 launch of the Hawiah Copper-Gold open-pit in Saudi Arabia for first production 2027; and\no 2026 and thereafter launch of underground mine development at Tulu Kapi and at Hawiah for first product...