KEFI Minerals plc (LON:KEFI), the gold exploration and development company with projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia, has today announced completion of the 2017 Definitive Feasibility Study Update (“2017 DFS Update”) for the Tulu Kapi Gold Project (“Tulu Kapi”), taking the Company another key step closer towards finalisation of project funding.
The 2017 DFS Update incorporates due diligence and refinements since the 2015 Definitive Feasibility Study (“2015 DFS”) published in August 2015 and provides increased confidence in the Company’s plans to develop Tulu Kapi.
Completed by Lycopodium Minerals Pty Limited (“Lycopodium”) and approved by KEFI, the 2017 DFS Update is now the base case for overlaying the funding commitments, whilst higher targets will be set for business planning purposes. The financial analyses have been prepared by Endeavour Financial.
KEFI Minerals plc Executive Chairman, Mr Harry Anagnostaras-Adams, said: “By today publishing an updated definitive feasibility study (2017 DFS), we are pleased to have completed another vital step towards finalising funding arrangements. Total funding requirements of approximately US$160 million and other key aspects remain consistent with recent guidance.
“Comparison with KEFI’s 2015 DFS two years ago summarises the myriad of refinements since then, such as detailed operational plans with project contractors including accelerated ore processing that increases gold production to 115,000 ounces per annum, thus improving profitability and cash flows. The update also details the technical rigour behind the improvements made to the project since KEFI assumed control in 2014.”