7th Jun 2016 09:43
LONDON (Alliance News) - KEFI Minerals PLC on Tuesday said it has appointed its preferred contractor for for the Tulu Kapi project in Ethiopia as it reported a narrowed pretax loss for 2015.
KEFI said the previously preferred engineering, procurement and construction contractor on the Tulu Kapi project has been replaced by Lycopodium Ltd on better financial terms and with an unchanged timetable.
KEFI said Lycopodium has started work on the project, and Tulu Kapi remains on track for construction to start in the fourth quarter of 2016.
The new contractor was signed up as KEFI said its pretax loss for the year to the end of December was GBP3.2 million, narrowed from a GBP4.0 million loss a year earlier thanks to cost cutting across the business.
KEFI said it secured the mining licence for Tulu Kapi during 2015 and continues to focus its energies on keeping the project on track.
Executive Chairman Harry Anagnostaras-Adams said KEFI remains confident on its outlook. "We have the appropriate mix of technical and financial expertise to prudently progress our projects into profitable gold mines with the aim of maximising and returning value to shareholders via share price appreciation and, ultimately, dividends," he said.
KEFI shares were down 0.2% to 0.529 pence Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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