KEFI Gold, Copper ready for progress projects in Ethiopia, Saudi

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KEFI Gold and Copper PLC said in a statement that it has ‘reaffirmed plans’ with the Ethiopian authorities for the start of work on its Tulu Kapi gold mine in October.

Tulu Kapi’s first gold pour should coincide with the start of production from KEFI’s second major project – Jibal Qutman, in Saudi Arabia – which is targeted to take place in 2024, according to proactive investors.

The news was contained in a wide-ranging update ahead of a corporate presentation next week.

Investors were also told the Ethiopian Prime Minister Abiy Ahmed (PhD) has endorsed two project finance banks that plan to invest $200mln in KEFI’s gold project.

In Saudi, meanwhile, the group has been granted several key new mining exploration licenses. Key among them was the Wadi Bidah Mineralisation Belt at Abu Salal South which it says reinforces the growth potential of the Hawiah copper-gold discovery.

Overall, the group said its resource base has grown to 2.1mln ounces from 1.2mln in the 18 months to the end of last year with the potential for further expansion.

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