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KEFI Minerals Plc.

Publié le 28 septembre 2015

Tulu Kapi Funding Update and Interim Results for the Half-Year Ended 30 June 2015

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Tulu Kapi Funding Update and Interim Results for the Half-Year Ended 30 June 2015

KEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Kingdom of Saudi Arabia and Democratic Republic of Ethiopia, is pleased to provide an update on development funding and announces its unaudited interim results for the half-year ended 30 June 2015. The statement below encompasses the activities of the Company's subsidiary, KEFI Minerals (Ethiopia) Limited ('KME'), in Ethiopia and its joint venture, Gold & Minerals Limited ('G&M'), in the Kingdom of Saudi Arabia.
Update on Development Funding and Planned Government Participation
The Company is pleased to report that, based on the negotiations with the short-listed project contactors and financiers and with the Government of Ethiopia, the entire development funding for the Tulu Kapi gold project in Ethiopia of c. $120 million is now expected to be covered at the project level. A key component is the intended participation by the Government of Ethiopia, by funding up to $20 million of infrastructure in exchange for an increased share of project equity. The full funding package is planned through a combination of debt, gold streaming and equity funding, with working capital requirements subject to further refinement which can only be finalised upon formalisation of the multi-party agreements and the approval thereof by the Government of Ethiopia.
Management is now focused on formally appointing and assembling, with finalised and complementary terms, the project syndicate comprising the contractors, debt financiers, gold streamer and the Government of Ethiopia. This includes the contractor for building the plant on a fixed-price basis and the contractor for the mining operation on a price-per-cubic-metre-delivered basis over the life of the open pit mine. KEFI will announce the members of the syndicate as appointments occur, commencing in the first half of October. With the Government of Ethiopia, KEFI is finalising the terms for its intended funding of infrastructure (the public road and electricity connection) and the associated increase in its share of project equity.
Harry Anagnostaras-Adams, Executive Chairman of KEFI Minerals, commented:'We are pleased to have achieved this major milestone and, in particular, we welcome the Government of Ethiopia's intention to increase its equity in the project. Along with the intended use of some gold stream finance, this materially reduces the level of debt to be introduced and makes the financial structure more conservative, which is appropriate for such volatile times in capital markets. We look forward to finalising terms with the emerging syndicate of parties and rapidly moving on to the next phase of development.'
H1 2015 Summary
Tulu Kapi gold project, Ethiopia
(Wholly-owned by KEFI; Government entitled to 5% free carried interest)

· Appointed Mr Wayne Nicoletto, in February, as Head of Operations of the Company and Managing Director of KME

· In April, Mining Agreement ('MA') signed by the Company and Ethiopian Government, granting the 20- year Mining Licence and permitting development and operation

· Reaffirmed that Tulu Kapi project is economically sound and warrants development upon independent confirmation of Ore Reserves (JORC 2012) 15.4Mt at 2.12g/t Au, containing 1.05Moz, having wireframed each individual ore lode as part of due diligence for project finance

· Highlights of the Definitive Feasibility Study ('2015 DFS') completed in June 2015 included:

oGold production remaining at 960,000oz over 13 years with an average of 75,000oz per year. Post period, the Company announced an increase in planned production to an average of c. 100,000oz
2 www.kefi-minerals.com per annum over a 10-year period. This was achieved by increasing the planned rate of ore processing, without change to the Mine Plan

per annum over a 10-year period. This was achieved by increasing the planned rate of ore processing, without change to the Mine Plan

oAll-in Sustaining Costs remained at c. US$780/oz, which ranks the project in the lowest cost quartile globally for gold producers. This includes all operating costs, royalties, sustaining capital and closure, but excludes initial capital investment. Post period, this was adjusted to US$760/oz based on the terms of contractor bidding to that point

· In June 2015, the gold mineralisation from the first trench sampling results from three prospects in adjacent exploration licences to the Tulu Kapi site demonstrated that these prospects could potentially provide satellite feed to the central processing plant at Tulu Kapi or be developed as standalone heap leach projects. This supplementary source of ore would complement that from the underground resources already reported and which are expected to be increased in due course

Gold & Minerals Ltd Joint Venture ('G&M'), Saudi Arabia
(40%-owned by the Company with KEFI as operator)
Jibal Qutman

· The Company completed a positive Preliminary Economic Assessment, including:

oAn increase in the reported Mineral Resource (JORC 2012) to 28.4Mt at 0.80g/t Au for 733,045oz Au, at a cut-off grade of 0.2g/t Au

oImproved metallurgical test results indicating heap leach recovery of c. 70%

oMining scoping study indicating potential open cut mineable resource of 6.6Mt at 0.95g/t Au, containing 201,600oz on oxide ore for heap leach processing

oPreliminary internal assessment by KEFI suggesting an estimated cash operating cost of US$600/oz on a 1.5Mt per annum open-pit operation with gold recovery via a heap leach process


· Completed an initial 53-trench surface sampling programme over a 6km-long gossanous horizon and a geophysical survey over the southern half of the gossanous horizon

· Exploration highlighted a large drilling target of 2,000m lateral and 300m vertical extent thought to overlie volcanically hosted massive sulphide (copper-gold-zinc) style of mineralisation

· KEFI intends to conduct initial drilling of this target during H2 2015


· Completed £800,000 placing of 80,000,000 ordinary shares at a price of 1p per share in March

· Completed £660,000 placing of 66,610,600 ordinary shares at a price of 1p per share in May

· Existing issued ordinary shares of 1p each in the capital of the Company were subdivided into one new Ordinary Share of 0.1p each ('New Ordinary Shares') and one deferred share of 0.9p each ('Deferred Shares')

· In June 2015, completed £2,900,000 placing at 0.8p per share of 362,500,000 New Ordinary Shares of 0.1p per share

· As referenced in Note 6 in the accounts below, based on Directors' formal review, the net present value of the Tulu Kapi asset significantly exceeded the book value at 30 June 2015
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

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KEFI Minerals Plc.

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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.

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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
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