Kefi Gold makes solid progress in Ethiopia and Saudi Arabia

The AIM-traded firm, which was holding its annual general meeting, said it had formally confirmed to Ethiopian regulatory authorities that itself, its subsidiary Tulu Kapi Gold Mines Share Company, its project contractors, the project finance syndicate members, and the other government agencies involved were “ready to proceed” in July with finalising documentation and gaining formal approvals.

Executive chairman Harry Anagnostaras-Adams said the company would then trigger the full development programmes for its Tulu Kapi gold project.

“The passing of the resolutions at today's annual general meeting is one part of the various approvals required to be formalised.”

In Saudi Arabia, the company said it was continuing to “quickly advance” our field work and engineering studies for the potential development of the Hawiah copper-gold-zinc-silver discovery made last year.

“It is getting bigger, with higher-grades, and we are excited by its prospects,” Anagnostaras-Adams said.

“The Jibal Qutman gold discovery is also being pursued, but remains in regulatory entanglement.”

While gold is the most valuable metal for Kefi, Harry Anagnostaras-Adams said copper had now also become important to the company.

He said its beneficial interest in the in-situ metal content of the three projects was a combined 2.1 million ounces in gold equivalent terms.

Kefi’s market capitalisation stood at about $27 per ounce gold-equivalent, compared to a current gold price of about $1,772 per ounce.

“The teams work tenaciously at the 'coal-face' of both of the company's main projects, despite the disruptions of Covid-19 and other extraneous events,” Anagnostaras-Adams quipped.

“Our collaboration with the government authorities in both countries is intense and all of us truly work with one overriding objective, to get the development show on the road.”

At 1158 BST, shares in Kefi Gold and Copper were down 0.33% at 1.83p.