KEFI Gold and Copper plc (LON:KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, announced today that during preparations for the expected October 2021 launch of the development phase of the Company’s Tulu Kapi Gold project security concerns have arisen. Consequently, KEFI and the Project company, Tulu Kapi Gold Mines Share Company, have elected to temporarily pause the launch to ensure that these matters have been satisfactorily addressed.
Executive Chairman Harry Anagnostaras-Adams joins DirectorsTalk Interviews to discuss security concerns that have temporarily paused the launch of the Tulu Kapi Gold project. Harry adds more colour on the current security situation and what is being done to address the concerns, the effect on long term plans for the project and also provides an update on the Hawiah Copper-Gold project and what we can expect over the coming months.
The local community has been consulted, and the Ethiopian Ministry of Mines has been notified, as have the other Government agencies and the Company’s financing partners. All parties acknowledge the need to ensure the security situation is completely ready for the Project construction to proceed and, whilst no guarantee can be given, all continue to prepare for launch as soon as appropriate during Q4 2021. In the meantime, the Company’s Hawiah Copper-Gold Project (“Hawiah”) in Saudi Arabia continues its fast-track programme to produce an upgraded and expanded Mineral Resource Estimate and the Preliminary Feasibility Study for development.
KEFI Gold and Copper will make further announcements as appropriate and remains optimistic that the development phase of the Tulu Kapi Gold Project in Ethiopia can still be launched before the end of 2021 with the start-up of production in 2023, ahead of development of the Hawiah project in Saudi Arabia.
The Company’s interim financial results for the six months to 30 June 2021 will be released on Thursday 30 September 2021 and its quarterly shareholder webinar will be conducted on Wednesday 13 October 2021, further details of which will be announced with the Company’s interim results.
