Business
Results for the year ended 31 December 2023
Results for the year ended 31 December 2023.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n\n17 June 2024\n \nKEFI Gold and Copper plc\n \n(\"KEFI\" or the \"Company\")\n \nResults for the year ended 31 December 2023\n \nKEFI (AIM: KEFI), a gold and copper exploration and development company focused on the Arabian-Nubian Shield with a pipeline of projects in the Federal Democratic Republic of Ethiopia, and the Kingdom of Saudi Arabia, is pleased to announce its audited financial results for the year ended 31 December 2023.\n \nAGM and Annual Report\n \nThe notice convening the Company's Annual General Meeting (\"AGM\"), which is currently expected to be held on 22 July 2024 in Ethiopia, will be sent out in the week commencing 17 June 2024 and will be available for download on the Company's website: https://www.kefi-goldandcopper.com. A further announcement will be made when the Notice of AGM is published. The timing of the AGM coincides with meetings of Tulu Kapi project partners and financiers in Addis Ababa, including also the general meetings for KEFI subsidiaries being organised to facilitate development financing plans.\n \nMark Tyler, a non-executive director of the Company, has stated his intention to retire from the Company at the conclusion of the AGM after 6 years of greatly appreciated support, especially in respect of African project debt financing, as one of the continent's long-standing leaders in the field. The Company plans to continue to add to the range of skills and appropriate board expertise in preparation for the substantial changes as KEFI moves into its exciting next stage with the development of its projects.\n \nThe Annual Report and Accounts for the year ended 31 December 2023 is also available on KEFI's website at https://www.kefi-goldandcopper.com\n \nHighlights\n \n· In Ethiopia, with our partners and banks:\no our focus is now on successfully completing the Early Works at Tulu Kapi so that we can close the $320 million project finance package and launch Major Works in October 2024. Gold production would then commence in mid-2026;\no Tulu Kapi's projected net cash flow to KEFI's planned 80% beneficial interest is estimated at approximately £80 million per annum. At the current gold spot price of $2,346/ounce, KEFI's planned beneficial interest in the cash flow is estimated to be approximately £100 mill...