15th Jun 2015 08:56
LONDON (Alliance News) - KEFI Minerals PLC said Monday it is "well on the way" towards planned gold production in 2017, with two advanced projects that it expects to generate cash flow and provide solid foundations for growth.
In a statement ahead of the company's annual general meeting, the company highlighted progress it made over the past year. In Saudia Arabia it has a joint venture with current mineral resources at 733,045 ounces of gold, and a target for precious and base metals at a recently granted exploration licence, which it expects to drill in the second half of 2015.
In Ethiopia the company has a 95% interest in the Tulu Kapi gold project, where it has overhauled the development plan for the project to reduce its capital requirement to around USD120 million from USD290 million, after taking control of the project from Nyota Minerals Ltd last August.
KEFI is working on the longer-term potential to double the ore reserve at the project by addressing prospects under and around Tulu Kapi.
"KEFI Minerals has, again, made tremendous progress over the past year and is now well on the way towards planned gold production in 2017 following commencing construction in late 2015 and plant commissioning at the end of 2016," said Chairman Harry Anagnostaras-Adams in the statement.
Shares in KEFI are trading down 1.1% at 0.890 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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