30th Dec 2015 07:37
LONDON (Alliance News) - Gold miner KEFI Minerals PLC on Wednesday said it remains on track to start production at the Tulu Kapi gold project in Ethiopia by 2017 and said progress was made in the final months of 2015 at its projects in Saudi Arabia.
The company said the Tulu Kapi project remains on track for the financing to be secured by the middle of 2016. The project is wholly-owned by KEFI and, in November, the Ethiopian government said it would invest USD15.0 million to USD20.0 million in equity in the project.
Tulu Kapi is still on track to start production in 2017, KEFI said, with preparatory work by the project contractors due to finish in February 2016.
Elsewhere, the company said it has completed preparations for the mining licence application for the Jibal Qutman project in Saudi Arabia and is planning a consultation meeting on the Hawiah project in the country for the first quarter of 2016, followed by drilling.
"This has been another active quarter for KEFI, which rounds off a very successful year. At our fully-permitted Tulu Kapi gold project, we have assembled a first-class syndicate of backers for our robust project, which remains scheduled to start production in 2017," said Harry Anagnostaras-Adams, KEFI's executive chairman.
By Sam Unsted; [email protected]; @SamUAtAlliance
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