Business
Quarterly Operational Update
Quarterly Operational Update.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \n \n \n 22 March 2023\n \n \n \n \n KEFI Gold and Copper plc\n \n \n \n (\"KEFI\" or the \"Company\")\n \n \n \n Quarterly Operational Update - Progress On All Fronts\n \n \n \n KEFI (AIM: KEFI), the gold and copper exploration and development company with a focus on the Arabian Nubian Shield and with projects in the Kingdom of Saudi Arabia since 2008 and the Federal Democratic Republic of Ethiopia since 2014, is pleased to provide its Q1 2023 Quarterly Operational Update.\n \n \n \n Highlights\n \n \n \n ·\n Tulu Kapi Gold finance package of US$390 million agreed in principle\n \n \n ·\n Working intensely with Government on few remaining security and administrative arrangements\n \n \n ·\n Significant progress in Saudi Arabia\n \n \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 (\"GMCO\") in Saudi Arabia, since release of the Q4 2022 Quarterly Update on 2 February 2023 and is being announced\n ahead of the end of the quarter to facilitate discussions at various events in Ethiopia and the Middle East in the coming days.\n \n \n The Tulu Kapi Gold Project (\"Tulu Kapi\" or the \"Project\") is under TKGM (now planned to be 70-80% owned by KEFI). The Jibal Qutman Gold Project (\"Jibal Qutman\"), the Hawiah Copper-Gold Project (\"Hawiah\") and the other Saudi projects are under GMCO (now planned to be 25-30% owned by KEFI), depending on refinements to final financing refinements.\n \n \n \n ETHIOPIA\n \n \n \n As first mover for modern industrial-scale metal mining in Ethiopia, it has been our privilege to be consulted in respect of regulatory systems for mining and international financing. This has taken some years as has our need to traverse the widely-publicised security challenges in the country, which thankfully subsided last year. Having borne the costs and delays involved over the recent years, it is especially pleasing that we are now preparing to trigger full project development at KEFI's first development project, with few loose ends now expected to be imminently resolved with the Government.\n \n \n We also await Government permission to follow up our other exploration discoveries in the Tulu Kapi district and, to that end, based on discussions with the Government have recently re-assembled ou...