7th Sep 2015 08:16
LONDON (Alliance News) - Gold miner Kefi Minerals PLC on Monday upgraded the planned production at the Tulu Kapi project in Ethiopia and said a mining contractor has been hired for the site.
Kefi said the planned production estimate for the project has been upgraded to 100,000 ounces of gold per year over ten years, up from 75,000 ounces over a 13-year period previously.
The company also said a winning bidder has been selected to act as mining contractor for the site. It said the winning bidder and nearest under-bidders have been invite to bid for an expanded scope of work at Tulu Kapi, including pre-mining site earthworks. None of the bidders were named.
"We are pleased to report an increase in Tulu Kapi's planned gold production and, in particular, that it is likely to have a favourable impact on the all-in sustaining costs and cash flow, thereby further improving the economics of the project," said Kefi Executive Chairman Harry Anagnostaras-Adams.
Shares in Kefi were up 5.7% to 0.74 pence early Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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