Fermer X Les cookies sont necessaires au bon fonctionnement de 24hGold.com. En poursuivant votre navigation sur notre site, vous acceptez leur utilisation.
Pour en savoir plus sur les cookies...
Cours Or & Argent en

KEFI Minerals Plc.

Publié le 15 octobre 2014


( 0 vote, 0/5 ) Imprimer l'article
  Article Commentaires Commenter Notation Suivre la société  
Mots clés associés :   Johnson | K Street |



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]

15 October 2014

KEFI Minerals Plc

("KEFI" or the "Company")


KEFI Minerals (AIM: KEFI), an emerging gold miner with projects in the Kingdom of Saudi Arabia and Democratic Republic of Ethiopia, is pleased to provide its third quarter operational update for the period from 1 July to 30 September 2014 as well as post-period events. The update encompasses the activities of KEFI Minerals (Ethiopia) Limited ("KME") in Ethiopia and Gold & Minerals Llc Limited ("G&M") in Saudi Arabia.


Tulu Kapi gold project, Ethiopia

Received final independent verifications and approvals to enable, post period, reactivation of Mining Licence Application

o Updated JORC compliant Mineral Resource reporting of total Indicated and Inferred

Resource of 23.7 Mt at 2.51 g/t Au for 1.9Moz Au

o Updated JORC compliant Ore Reserve reporting of total Probable Ore Reserves of

12.9 Mt at 2.41 g/t Au for 1.002 Moz Au

o All-in-Costs estimated at $844/oz - well below global industry averages

Acquired remaining 25% of Tulu Kapi gold project from previous owner, which gives the

Company full control and funding flexibility

Post period, received headline indicative terms for project finance from several financial institutions, which is intended to be implemented in parallel with the project development timetable

Jibal Qutman project, Western Saudi Arabia

Drilling and trenching continued with mineralisation remaining open in three of the five adjacent pits included in the reported Mineral Resource

Harry Anagnostaras-Adams, Executive Chairman of KEFI Minerals, commented:

"We made tremendous progress during the last quarter which, post period, culminated in the reactivation of the Mining Licence Application for Tulu Kapi. With the strong support of the Ethiopian Government, KEFI can now see a clear path towards becoming a gold developer and commencing commercial production.

"While the present focus is predominantly on Tulu Kapi, we are also ready to advance our strong exploration portfolio of carefully selected targets within the highly prospective Arabian-Nubian Shield. As such, the Directors of KEFI are excited about the Company's future prospects and are confident of delivering value to shareholders.

p.1 of 6 www.kefi-minerals.com

"I would like to thank the Ethiopian Government for their support and also our exploration, development planning and financing teams without whom the rapid progress of the Tulu Kapi project would never have been achieved."

OPERATIONAL REVIEW Democratic Republic Of Ethiopia

Tulu Kapi gold project, Western Ethiopia

This has been a historic period for the Tulu Kapi gold project where the Company focused on receiving the requisite independent verifications of project plans and headline indicative financing terms to enable the reactivation of the Mining Licence Application ("MLA") on 6 October 2014, which had been suspended in mid-2013 by the previous owner of the asset. The Ethiopian Minister for Mines, Hon. Tolassa Shagi Moti, has confirmed to the Company, the Government's intention to expedite the processing of the MLA with a view to construction commencing in early 2015.
In addition, during the third quarter, KEFI took full control of the Tulu Kapi project. On 3
September, the shareholders of Tulu Kapi's previous vendor approved the sale of the remaining
25% to KEFI - resulting in the Company owning 100% of the project (it will convert to 95% upon the Government exercising its right in due course before commencement of production to a 5% free-carried equity position). The acquisition cost was paid mainly in KEFI shares and totalled
£6M, which represents under $10/oz gold Reserve.
The independent verifications received during the period and subsequently include:

updated JORC 2012 compliant Mineral Resource reporting of total Indicated and Inferred

Resource of 23.7 Mt at 2.51 g/t Au for 1.9 Moz Au;

open pit Mine Plan for targeted production of 86,000 oz Au per annum for 10.5 years from mining and processing 1.2Mtpa at 2.4g/t Au;

updated JORC compliant Ore Reserve reporting of total Probable Ore Reserves of 12.9Mt at

2.41g/t Au for 1.002 Moz Au; and

costs estimates for the open pit, including total estimated operating costs at $626/oz and All-in- Costs at $844/oz including capex, opex, closure and royalties - well below global industry averages.

Post period, KEFI has received headline indicative financing terms of c. $100M from several financial institutions, all of which are familiar with the project and have already undertaken initial due diligence. The finance plan remains to fund all pre-development obligations and activities with equity capital of c. $5M through mid-2015, and that the c. $130M investment required for development in 2015 will be optimised in mid-2015 and mostly financed by project-related debt.

Kingdom of Saudi Arabia

Jibal Qutman project, Western Saudi Arabia

Drilling and trenching continued at KEFI's Jibal Qutman project in Saudi Arabia and, on 14 July
2014, the Company reported drilling results with the best results including 17m at 3.72g/t Au, 8m at
3.22g/t Au (including 3.0m at 7.21g/t Au), 13m at 2.27g/t Au and 22m at 2.51g/t Au. Mineralisation remains open in three of the five adjacent pits included in the reported Mineral Resource.

p.2 www.kefi-minerals.com

Other Licences

In Ethiopia, KEFI continued drilling at licences adjacent to Tulu Kapi, reporting exploration results at Guji including 44m at 1.73 g/t Au and 6m at 3.98 g/t Au, and results at the Chalte prospect of 8m at 1.91 g/t Au and 8m at 1.88 g/t Au. This re-affirms the excellent prospectivity for additional gold deposits within haulage distance of the planned processing plant at Tulu Kapi. In Saudi Arabia, Selib North was downgraded in priority and, pending the grant of additional licences, the focus is now exclusively on Jibal Qutman and prospecting application areas, including the set of four tenements adjacent to Jibal Qutman.


During the period, the Company raised gross £2.125M cash, through private placement of ordinary shares, to fund the acquisition of remaining 25% of KME (the 95% owner of Tulu Kapi) and all costs for the reactivation of the MLA. Following the acquisition of KME, the vendor distributed its
13.85% shareholding in KEFI to its own shareholders on 24 September 2014.
On 12 September, KEFI announced the grant of 2,250,000 incentive options to the newly-appointed Non-Executive Director, His Excellency Mr Norman Ling, former British Ambassador to Ethiopia. The exercise price was set at a 24% premium to the then prevailing price per KEFI share and all terms and conditions were in accordance with the Incentive Options Scheme.
KEFI appointed, on 15 September, SP Angel Corporate Finance LLP as Nominated Adviser to the
Post period, upon re-activating the Tulu Kapi MLA, Mr Harry Anagnostaras-Adams moved from Non-Executive to Executive Chairman with a particular focus on permitting, financing and staffing in preparation for exploitation of the Tulu Kapi asset. Previous Managing Director, Mr Jeff Rayner, assumed the role of Exploration Director to focus on identifying the Company's next value-adding stages beyond the construction and start-up of the Tulu Kapi open pit.


Tulu Kapi

The previously foreshadowed milestones for 2014 have now been achieved, other than the updating of the Definitive Feasibility Study ("DFS") from its 2012 version (prepared by the previous owner of the asset). The Company is now working to update the DFS to reflect KEFI's overhaul of Tulu Kapi. Other priorities include the assessment of opportunities for further improvement such as considering refurbished plant (rather than all-new) and contract-mining (rather than owner-mining).

Jibal Qutman

G&M continues to consider the development plan for Jibal Qutman whilst the zones of mineralisation expand with drilling results.
As stated previously, the Saudi authorities are reviewing their regulatory policy with regards to mineral exploration. The Directors of KEFI are increasingly confident that, given the Company's approach of strong local ownership from the outset - through its joint venture company, G&M,

p.3 www.kefi-minerals.com

which is 60% owned by local partner ARTAR - for its operations in Saudi Arabia, it is well- positioned to avoid any potentially negative impact resulting from a change in policy.


In Ethiopia, there are three licences adjacent to Tulu Kapi. There are some encouraging historical results and further fieldwork has commenced under KEFI's ownership which reinforces the Company's initial positive assessment. In Saudi Arabia, there are two granted licences other than Jibal Qutman and 25 Exploration Licence Applications ("ELAs") on behalf of G&M by ARTAR.
Overall, KEFI has operatorship of and potential exposure to a +1550 km2 portfolio of targets at various stages within the highly prospective Arabian-Nubian Shield. The value-adding potential for shareholders of this portfolio surpasses that of the Tulu Kapi mine development. Accordingly, it is KEFI's intention to apply equal priority to exploration managed by Jeff Rayner, Exploration Director, as it will to building and operating Tulu Kapi. The Company is in the process of appointing a suitable individual for managing this process. Whilst the budgetary allocation to mine development will naturally dwarf the allocation to exploration, both activities are at the core of KEFI's business plan and will require equal commitment and leadership.
Further information, including a slide presentation which complements this Quarterly Update, can be viewed on KEFI's website at www.kefi-minerals.com

KEFI Minerals Plc

Harry Anagnostaras-Adams (Executive Chairman) +357 99457843
Jeffrey Rayner (Exploration Director) +90 533 928 1913

SP Angel Corporate Finance LLP (Nominated


Ewan Leggat, Katy Birkin +44 20 3463 2260

Fox-Davies Capital Ltd (Joint Broker)

Oliver Stansfield, Alex Walker +44 207 936 5200

finnCap Ltd (Joint Broker)

Elizabeth Johnson, Christopher Raggett +44 207 220 0500

Luther Pendragon (Financial PR)

Harry Chathli, Claire Norbury, Ivana Petkova +44 207 618 9100


Ore Reserves

The information in this report that relates to Tulu Kapi Ore Reserves is based on information reviewed or work undertaken by Mr Frank Blanchfield, FAusIMM and a full time employee of Snowden Mining Industry Consultants Pty Ltd. Mr Frank Blanchfield has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the

p.4 www.kefi-minerals.com

preparation of mining studies to qualify as a competent person as defined by the JORC Code
The scientific and technical information in this report that relates to process metallurgy is based on information reviewed by Mr Sergio Di Giovanni, who is a full-time employee (Project Development Manager) of KEFI Minerals Plc. Mr Sergio Di Giovanni is a member of the Australasian Institute of Mining and Metallurgy. Mr Sergio Di Giovanni has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined by the JORC Code (2012).
Mr Sergio Di Giovanni consents to the inclusion in the report of the matters related to the metallurgy, in the form and context in which it appears. Mr Blanchfield consents to the inclusion in this report of the matters based on information provided by Snowden and in the form and context in which it appears.

Mineral Resources

The information in this report that relates to input data used for the Mineral Resources is based on, and fairly represents, information and supporting documentation - the compilation of which was overseen by Simon Cleghorn, Resource Manager and a full-time employee of KEFI and a Member of The Australasian Institute of Mining and Metallurgy. Simon Cleghorn has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Simon Cleghorn consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
The information in this report that relates to the interpretation, estimation, classification and reporting of the Mineral Resources is based on, and fairly represents, information and supporting documentation - the compilation of which was reviewed by Lynn Olssen who is a Member of The Australasian Institute of Mining and Metallurgy and a full-time employee of Snowden Mining Industry Consultants Pty Ltd. Lynn Olssen has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Lynn Olssen consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

p.5 www.kefi-minerals.com


KEFI is now positioned as an operator of two advanced gold development projects within the highly prospective Arabian-Nubian Shield, with an attributable 2.0Moz (100% of Tulu Kapi's
1.9Moz and 40% of Jibal Qutman's 0.5Moz) Au 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.

KEFI in Ethiopia

The Tulu Kapi gold project in Western Ethiopia is being rapidly progressed towards development. In October 2014, KEFI Minerals reactivated the Mining Licence Application and assembled indicative project finance terms.
A Definitive Feasibility Study is evaluating construction of a 1.2Mtpa processing plant with estimated annual gold production 86,000 oz at total operating costs of $626/ounce. The DFS is planned to be completed in late 2014 with construction targeted to commence in 2015 followed by initial commercial production in 2017.
The Company has received strong support from the Ethiopian authorities, who have confirmed their intention to expedite the processing of the MLA.
At the end of 2013, the Ethiopian Government also improved the fiscal regime applying to the gold sector, and Tulu Kapi in particular. This included lowering the income tax rate for mining (to 25% from 35%); settling of repayment schedule for inherited VAT liability (over three years rather than up-front); the removal of VAT on future exploration drilling expenditure; lowering royalty on gold mining (to 7% from 8%); accelerating the depreciation of historical and future capital expenditure (over four years); and clarifying the workings of the Government's 5% free-carried interest so that it does not impede conventional project financing terms.

KEFI Minerals in the Kingdom of Saudi Arabia

In 2009, KEFI formed the Gold and Minerals Joint Venture Company ("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 Shield. To date, the G&M has conducted preliminary regional reconnaissance and lodged 25 Exploration Licence Applications (ELAs), of which four have been granted. Two of the granted ELs were relinquished in May 2014.
The ELAs were initially applied for and granted to ARTAR. Incorporation of G&M has been completed and any granted ELAs will be transferred into G&M in due course.
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.

p.6 www.kefi-minerals.com

Lire la suite de l'article sur www.noodls.com

KEFI Minerals Plc.

Suivi et investissement
Add to watch list Add to your portfolio Add or edit a note
Ajouter une alerte Ajouter aux Watchlists Ajouter au portefeuille Ajouter une note
de Marché
Projets & res.
de Presse
Profile actifs
Contactez la cie

KEFI est une société d’exploration minière d'or et de cuivre basée au Royaume-Uni.

Son principal projet en exploration est ARTVIN en Turquie.

KEFI est cotée au Royaume-Uni. Sa capitalisation boursière aujourd'hui est 222,9 millions GBX (266,7 millions US$, 233,6 millions €).

La valeur de son action a atteint son plus haut niveau récent le 21 janvier 2011 à 9,85 GBX, et son plus bas niveau récent le 06 septembre 2019 à 0,19 GBX.

KEFI possède 332 702 973 actions en circulation.

Votre avis nous interesse, merci de laisser un commentaire ou de noter cet article.
Evaluer : Note moyenne :0 (0 vote) Voir les mieux notés
Rapports annuels de KEFI Minerals Plc.
Annual Report 2007
Financements de KEFI Minerals Plc.
27/07/2016has raised Euro 3.8 million
Rapports Financiers de KEFI Minerals Plc.
31/12/2015Fourth Quarter 2015 Operational Update
19/10/2015Third Quarter 2015 Operational Update
28/09/2015Tulu Kapi Funding Update and Interim Results for the Half-Ye...
Projets de KEFI Minerals Plc.
03/06/2011exploration property sales and final results
Communiqués de Presse de KEFI Minerals Plc.
10/08/2017Reduced Funding Requirement
19/09/2016Investor Briefings
29/07/2016Total Voting Rights
13/07/2016Restructure For Develpment of Tulu Kapi
30/06/2016Result of AGM
07/06/2016Kefi Minerals 2015 Annual Report
07/06/2016Kefi Minerals Notice of AGM
07/06/2016KEFI Minerals Proxy
07/06/2016Appointment of Preferred EPC Contractor
02/06/2016Reduced Tulu Kapi Funding Requirements Replacement
25/04/2016KEFI at UK Investor Show
14/04/2016Electronic Communication
14/04/2016Letter to Shareholders re Electronic Communications
08/04/2016Holding(s) in Company
31/03/2016Total Voting Rights
31/12/2015Happy New Year 2016
30/12/2015Fourth Quarter 2015 Operational Update
14/12/2015Holding(s) in Company
19/10/2015Holding in Company
14/10/2015Appointment of Tulu Kapi Mine Contractor
05/10/2015Progress at Jibal Qutman, Saudi Arabia
28/09/2015Tulu Kapi Funding Update and Interim Results for the Half-Ye...
09/09/2015Update on Tulu Kapi Gold Project Financing
28/08/2015KEFI Presenting at Africa Down Under Conference
17/08/2015Contracting and Financing on Schedule, Tulu Kapi Gold Projec...
27/07/2015Director Dealing
17/07/2015Final Bidding Triggered for Project Contractors, Tulu Kapi G...
03/07/2015Director Share Purchase
01/07/2015Total Voting Rights
01/07/2015Second Quarter 2015 Operational Update
29/06/2015KEFI Presenting At Mining Capital Conference
24/06/2015Completion Of 2015 DFS & Development Funding Plan
19/06/2015New Investment – Kefi Minerals Plc
16/06/2015Conditional Placing to Raise £2.9 Million
16/06/2015Result of AGM
15/06/2015Chairman’s AGM Statement
22/04/2015Tulu Kapi Ore Reserve Statement
13/04/2015KEFI Granted Mining Licence
09/04/2015KEFI - Webinar and UK Investor Show
07/04/2015Exploration Update at Hawiah - Saudi Arabia
01/04/2015First Quarter 2015 Operational Update
23/03/2015Grant of Share Options
18/03/2015Director Share Purchase
17/03/2015Financing Update
16/03/2015Tulu Kapi Update
26/02/2015Update on final tranche of placing
25/02/2015Appointment of Head of Operations
10/02/2015KEFI Presenting at Mining Indaba
10/02/2015Tulu Kapi Resource Update
10/02/2015Quarterly Update
27/03/201427 March 2014 Share Option Scheme Approved
Publication de commentaires terminée
Dernier commentaire publié pour cet article
Soyez le premier à donner votre avis
Ajouter votre commentaire
GBX 0,670
13/10 13:50 0,040
Cours préc. Ouverture
0,630 0,678
Bas haut
0,604 0,678
Année b/h Var. YTD
0,535 -  1,05 -7,59%
52 sem. b/h var. 52 sem.
0,535 -  1,05 -4,29%
Volume var. 1 mois
1 636 031 -%
24hGold TrendPower© : -17
Recherche Gold
Interactive chart Add to compare
Imprimer Comparer Exporter
Vous devez être connecté pour accéder au portefeuille (gratuit)
Top Newsreleases
Variation annuelle
Graphique 5 ans
Graphique 3 mois
Graphique volume 3 mois
Nouvelles des Sociétés Minières
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
0,12 AU$-8,00%Trend Power :
announces expected non-cash impairment
7,62 AU$-0,13%Trend Power :
Oceana Gold(Au)OGC.AX
2,20 AU$+0,00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
3,86 AU$+0,00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
0,12 CA$+4,55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
0,02 CA$+100,00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
7,27 US$-0,68%Trend Power :
Rentech Announces Results for Second Quarter 2017
0,20 US$-12,28%Trend Power :
Reduced Funding Requirement
0,67 GBX+6,35%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
0,06 CA$+30,00%Trend Power :
Closes Bridge Loan Financing
2,13 CA$-0,47%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
1,84 CA$+0,00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
9,41 CA$-3,59%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
0,22 CA$+0,00%Trend Power :
Q A April 2017 Quarterly Report
0,24 AU$-2,04%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
6,80 US$-2,86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
1,44 CA$-4,64%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
46,69 US$-0,13%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
8,66 CA$-0,35%Trend Power :
2nd Quarter Report
0,02 AU$+0,00%Trend Power :