KEFI Minerals (LON: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, announces that at the General Meeting of the Company to be held at 11.00am today at the Marlin, Lower Ground Floor, 111 Westminster Bridge Road, Waterloo, SE1 7HR, United Kingdom, the Company’s Chairman, Mark Wellesley-Wood, will make the following statement:
“I am pleased to report that the development plan for the Company’s Tulu Kapi Gold Project in Ethiopia remains on schedule to start in January 2019, commencing with the community resettlement programme.
This follows this morning’s Project update from the Company’s Managing Director, Harry Anagnostaras-Adams, who is currently in Ethiopia that:
· at the Tulu Kapi Project site, land clearing and geotechnical drilling for the design of infrastructure foundations commenced early last week;
· Project subsidiary Tulu Kapi Kapi Gold Mines Share Company shareholders (KEFI and the Ethiopian Government) on Friday 14 December 2019 approved the admission of Ethiopian Project equity investor ANS Mining Share Company as a TKGM shareholder;
· on Sunday 16 December 2018, ANS confirmed its equity subscription of the Birr-equivalent of US$9 million to fund Q1 2019 activities and agreed to increase the subscription committed to TKGM for Q2 2019 to the Birr-equivalent of US$10.5 million to cater for early construction of a Tulu Kapi private air strip to enhance security and efficiency from the outset; and
· this morning the Ethiopian State Minister of Mines, Petroleum and Natural Gas reported that his Ministry has issued the requested approvals so that the community resettlement may be triggered, in particular the updated Project works programme and schedule. The other relevant Government agencies last week confirmed that their approvals remain on track to be issued this month, in particular the approval of final community resettlement plans and of Project financing details. “
