KEFI Minerals Plc.

Published : October 14th, 2015

Appointment of Tulu Kapi Mine Contractor

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Appointment of Tulu Kapi Mine Contractor

KEFI UPDATE 31 JAN 07


KEFI Minerals Plc


27-28 Eastcastle Street London W1W 8DH United Kingdom


Tel: +90 232 381 9431

Fax: +90 232 381 9071

Email: [email protected]


14 October 2015


KEFI Minerals plc ('KEFI' or the 'Company')


TULU KAPI GOLD PROJECT UPDATE APPOINTMENT OF PREFERRED MINING CONTRACTORS


KEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia, is pleased to provide an update on progress on the Tulu Kapi Gold Project in Ethiopia.


KEFI has appointed African Mining Services ('AMS'), a wholly-owned subsidiary of Ausdrill Limited (www.ausdrill.com.au), as Preferred Contractor for Mine Establishment and Operation. AMS has strong African operations and a successful track record.


The principal terms and consequences of this appointment are set out below, all of which are subject to full detailed documentation:


  • Scope covers certain pre-mining earthworks as well as the life-of-open-pit mining operation.

  • Contractual payment rate to be based on per cubic metre delivered.

  • Direct purchases by KEFI of certain key input costs such as explosives and fuel.

  • The next step is for KEFI and AMS to jointly optimise the detailed operating plan for the benefit of the project and to prepare matching detailed contractual documentation.

  • In the meantime, project financial projections are re-affirmed at All-in-Sustaining Costs of c. US$760/oz, peak funding requirements of c. US$120 million, and funding to be sourced from a combination of debt and gold streaming of c. US$100 million along with project-level equity of US$20 million. The provisions for cost overrun and finance charges will be checked and allocated between the funding/contracting syndicate as part of finalising inter-creditor arrangements.


    Wayne Nicoletto, Chief Operating Officer of KEFI Minerals, commented: 'Today's appointment of industry stalwart Ausdrill/AMS as Preferred Mining Contractor is a profoundly important step forward in setting up Tulu Kapi both for development and for long term operation.'


    Harry Anagnostaras-Adams, Executive Chairman, added: 'KEFI was privileged to have received bids from many prominent industry specialists, all of whom invested much effort into their proposals. We are pleased to have joined forces with Ausdrill and its long-standing African subsidiary, AMS, which have a record second to none. KEFI greatly appreciates the support and commitment, and looks forward to starting the work on the ground.'


    ENQUIRIES


    KEFI Minerals plc

    Harry Anagnostaras-Adams (Executive Chairman)

    +357 99457843

    SP Angel Corporate Finance LLP (Nominated Adviser)

    Ewan Leggat, Jeff Keating

    +44 20 3470 0470

    Brandon Hill Capital Ltd (Joint Broker)

    Oliver Stansfield, Alex Walker, Jonathan Evans

    +44 20 7936 5200


    Beaufort Securities Ltd (Joint Broker)

    Elliot Hance

    +44 20 7382 8300

    Luther Pendragon Ltd (Financial PR)

    Harry Chathli, Claire Norbury, Oliver Hibberd

    +44 20 7618 9100


    Further information can be viewed on KEFI's website at www.kefi-minerals.com


    NOTES TO EDITOR


    KEFI Minerals plc


    KEFI is the operator of two advanced gold development projects within the highly prospective Arabian-Nubian Shield, with an attributable 1.93Moz (100% of Tulu Kapi's 1.72Moz and 40% of Jibal Qutman's 0.73Moz) gold Mineral Resources (JORC 2012) plus significant resource growth potential. KEFI targets that production at these projects generate cash flows for further exploration and expansion as warranted, recoupment of development costs and, when appropriate, dividends to shareholders.


    Expected milestones for the remainder of 2015 at Tulu Kapi include:

  • Formalisation of project contracting, senior secured financing and equity funding.

  • Full development funding and commencement of construction.


In addition, during 2015 KEFI anticipates that, through its joint venture company in Saudi Arabia, Gold & Minerals Ltd ('G&M'), it will commence drilling at new licence Hawiah and assemble a Mining Licence Application for its discovery at Jibal Qutman in Saudi Arabia.


KEFI Minerals in Ethiopia


The Tulu Kapi gold project in Western Ethiopia is being rapidly progressed towards development with the Mining Licence being granted in April 2015.


KEFI's Definitive Feasibility Study was then completed and the Company is now refining contractual terms for project construction and operation. Latest estimates for annual gold production are c. 100,000 oz pa for a 10-year period and for all-in sustaining costs (including operating, sustaining capital and closure) are c. US$760/oz (excluding initial investment). Tulu Kapi's Ore Reserve estimate totals 15.4Mt at 2.12g/t gold, containing 1.05 million ounces.


KEFI Minerals in the Kingdom of Saudi Arabia


In 2009, KEFI formed G&M in Saudi Arabia with local Saudi partner Abdul Rahman Saad Al-Rashid

& Sons Company Limited ('ARTAR'), to explore for gold and associated metals in the Arabian- Nubian Shield. KEFI has a 40% interest in G&M and is the operating partner. To date, G&M has conducted preliminary regional reconnaissance and has had five exploration licences ('ELs') granted, including Jibal Qutman and the recently granted Hawiah EL that contains over 6km strike length of outcropping gossans developed on altered and mineralised rocks with all the hallmarks of a copper- gold-zinc VHMS deposit.


At Jibal Qutman, G&M's flagship project, Mineral Resources are estimated to total 28.4Mt at 0.80g/t gold for 733,045 contained ounces. The shallow oxide portion of this resource is being evaluated as a low capital expenditure heap-leach mine development.

ARTAR, on behalf of G&M, holds 24 EL applications that cover an area of approximately 1,484km2. ELs are renewable for up to three years and bestow the exclusive right to explore and to obtain a 30- year exploitation (mining) lease within the area.


The Kingdom of Saudi Arabia has instituted policies to encourage minerals exploration and development and KEFI Minerals supports this priority by serving as the technical partner within G&M. ARTAR also serves this government policy as the major partner in G&M, which is one of the early movers in the modern resurgence of the Kingdom's minerals sector.

Read the rest of the article at www.noodls.com
Data and Statistics for these countries : Ethiopia | Saudi Arabia | United Kingdom | All
Gold and Silver Prices for these countries : Ethiopia | Saudi Arabia | United Kingdom | All

KEFI Minerals Plc.

EXPLORATION STAGE
CODE : KEFI.L
ISIN : GB00B1HNYB75
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KEFI is a gold and copper exploration company based in United kingdom.

Its main exploration property is ARTVIN in Turkey.

KEFI is listed in United Kingdom. Its market capitalisation is GBX 197.6 millions as of today (US$ 234.7 millions, € 211.0 millions).

Its stock quote reached its highest recent level on January 21, 2011 at GBX 9.85, and its lowest recent point on September 06, 2019 at GBX 0.19.

KEFI has 332 702 973 shares outstanding.

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Annual reports of KEFI Minerals Plc.
Annual Report 2007
Financings of KEFI Minerals Plc.
7/27/2016has raised Euro 3.8 million
Financials of KEFI Minerals Plc.
4/11/2016FIRST QUARTER 2016 OPERATIONAL UPDATE
12/31/2015Fourth Quarter 2015 Operational Update
10/19/2015Third Quarter 2015 Operational Update
9/28/2015Tulu Kapi Funding Update and Interim Results for the Half-Ye...
Project news of KEFI Minerals Plc.
6/3/2011exploration property sales and final results
Corporate news of KEFI Minerals Plc.
8/10/2017Reduced Funding Requirement
9/19/2016Investor Briefings
7/29/2016Total Voting Rights
7/13/2016Restructure For Develpment of Tulu Kapi
6/30/2016Result of AGM
6/7/2016Kefi Minerals 2015 Annual Report
6/7/2016Kefi Minerals Notice of AGM
6/7/2016KEFI Minerals Proxy
6/7/2016Appointment of Preferred EPC Contractor
6/2/2016Reduced Tulu Kapi Funding Requirements Replacement
4/25/2016KEFI at UK Investor Show
4/14/2016Electronic Communication
4/14/2016Letter to Shareholders re Electronic Communications
4/8/2016Holding(s) in Company
3/31/2016Total Voting Rights
12/31/2015Happy New Year 2016
12/30/2015Fourth Quarter 2015 Operational Update
12/14/2015Holding(s) in Company
10/19/2015Holding in Company
10/14/2015Appointment of Tulu Kapi Mine Contractor
10/5/2015Progress at Jibal Qutman, Saudi Arabia
9/28/2015Tulu Kapi Funding Update and Interim Results for the Half-Ye...
9/9/2015Update on Tulu Kapi Gold Project Financing
8/28/2015KEFI Presenting at Africa Down Under Conference
8/17/2015Contracting and Financing on Schedule, Tulu Kapi Gold Projec...
7/27/2015Director Dealing
7/17/2015Final Bidding Triggered for Project Contractors, Tulu Kapi G...
7/3/2015Director Share Purchase
7/1/2015Total Voting Rights
7/1/2015Second Quarter 2015 Operational Update
6/29/2015KEFI Presenting At Mining Capital Conference
6/24/2015Completion Of 2015 DFS & Development Funding Plan
6/19/2015New Investment – Kefi Minerals Plc
6/16/2015Conditional Placing to Raise £2.9 Million
6/16/2015Result of AGM
6/15/2015Chairman’s AGM Statement
4/22/2015Tulu Kapi Ore Reserve Statement
4/20/2015UPDATE ON PROJECT FINANCING AND DFS FOR TULU KAPI
4/13/2015KEFI Granted Mining Licence
4/9/2015KEFI - Webinar and UK Investor Show
4/7/2015Exploration Update at Hawiah - Saudi Arabia
4/1/2015First Quarter 2015 Operational Update
3/23/2015Grant of Share Options
3/18/2015Director Share Purchase
3/17/2015Financing Update
3/16/2015Tulu Kapi Update
3/4/2015EXPLORATION UPDATE - SAUDI ARABIA
2/26/2015Update on final tranche of placing
2/25/2015Appointment of Head of Operations
2/10/2015KEFI Presenting at Mining Indaba
2/10/2015Tulu Kapi Resource Update
2/10/2015Quarterly Update
10/15/2014QUARTERLY OPERATIONAL UPDATE
3/27/201427 March 2014 Share Option Scheme Approved
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