KEFI Minerals plc Reduced Funding Requirement

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 reported that the residual funding requirement for the Company’s Tulu Kapi gold project (the “Project”), having been reduced from US$289 million in January 2014 to US$32 million following the Oryx Management Limited (“Oryx”) agreement announced on 17 July 2017, has now been further reduced to US$24 million, based on refinements to planned capital expenditure and contingency provisions.

KEFI is now focusing on sourcing part of this residual requirement from a separate finance facility against ore stockpiles which are estimated to include US$15 million of contained gold at start-up of production and part of the remaining requirement from project-level equity, negotiations for which have commenced. It remains KEFI’s preference to retain majority ownership and control of the Project.

KEFI Minerals Plc intends to optimise the finance mix in consultation with the Project syndicate, in particular the Government of Ethiopia and principal financier Oryx, as we approach closing targeted for Q4 2017.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn
KEFI Minerals Plc

More articles like this

KEFI Gold and Copper

Copper prices soar to 11-month high on Chinese smelter cuts

Copper prices soar to an 11-month high as Chinese smelters cut production, sparking potential long-term investment opportunities. Copper prices skyrocketed to over $4.1 per pound, hitting their highest point in more than eleven months. This surge

KEFI Gold and Copper

Gold prices near two-month high

Gold prices lingered close to a two-month high on Monday, after softer US economic readings last week cemented prospects of an interest rate cut in June by the Federal Reserve. Spot gold edged 0.1% lower to

KEFI Gold and Copper

KEFI unveils Abu Salal deposit in Saudi Arabia

KEFI Gold and Copper has unveiled the discovery of a third significant copper-gold deposit within the expansive Hawiah Copper-Gold district in Saudi Arabia. This follows the original Hawiah discovery when drilling commenced in 2019 and the

KEFI Gold and Copper

Tulu Kapi stakeholders commit to proceed with project development

Following meetings with senior representatives of stakeholders for aim-listed Kefi Gold and Copper’s Tulu Kapi gold project, in Ethiopia, at this year’s Investing in African Mining Indaba, all parties in the funding syndicate for the project will go to their respective committees this month to