Business
Saudi Arabia Development Update
Saudi Arabia Development Update.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \n \n 16 June 2022\n \n \n KEFI Gold and Copper plc\n \n (\"KEFI\" or the \"Company\")\n \n Saudi Arabia Development Update\n \n \n \n \n \n KEFI (AIM: KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia is pleased to provide an update on the Company's Gold and Minerals Limited (\"G&M\") Hawiah Copper-Gold Project (\"Hawiah\") and Jibal Qutman Gold Project (\"Jibal Qutman\") in Saudi Arabia. G&M is owned 30% by KEFI and 70% by its partner\n Abdul Rahman Saad Al Rashid and Sons Ltd (\"ARTAR\").\n \n \n \n Highlights\n \n \n \n Hawiah:\n \n \n ·\n Hawiah Exploration Licence (\"EL\") has been renewed for five years\n \n \n ·\n Drilling programmes are proceeding as planned at both Hawiah and adjacent Al Godeyer ELs, with four drilling rigs operating across the licences\n \n \n ·\n On track to complete new Mineral Resource Estimates and Hawiah Preliminary Feasibility Study (\"PFS\") in Q4-2022\n \n \n Jibal Qutman:\n \n \n ·\n Discussions with the\n Ministry of Industry and Mineral Resources regarding\n G&M's Jibal Qutman licence applications continue, and the Company remains hopeful this this matter will be resolved in the near future\n \n \n ·\n Accordingly, G&M have initiated actions which will allow this project to be advanced rapidly. These include:\n \n \n o \n Independent audit of Mineral Resource Estimate;\n \n \n o \n Detailed mine planning and scheduling;\n \n \n o \n Engagement of Lycopodium to complete a 2 Mtpa\n carbon-in-leach\n (\"CIL\") Detailed Feasibility Study (\"DFS\") by December 2022; and\n \n \n o \n Updating the environmental and social studies to comply with new legislation.\n \n \n ·\n The intent is to be in a position to trigger project financing formalities for development commitments as soon as the necessary clarification is obtained\n \n \n ·\n A relatively quick financing and development schedule is targeted because the Saudi Government has simplified and sped up regulatory clearances for development and the financing thereof\n \n \n \n Harry Anagnostaras-Adams, Executive Chairman of KEFI, commented:\n \n \n \n \n \"In Saudi Arabia, we now have two development projects in progress after being held up for many years awaiting a regulatory overhaul. We are loo...