# INTERVIEW: KEFI Minerals Plc Coming together nicely

- Link: https://www.directorstalkinterviews.com/interview-kefi-minerals-plc-coming-together-nicely/412733474
- Published: 2017-08-11T07:10:21+01:00
- Author: Giles Arbor

**KEFI Minerals Plc** ([LON:KEFI](https://www.directorstalkinterviews.com/company/kefi-gold-and-copper/kefi.l))
Executive Chairman Harry Anagnostaras-Adams talks to DirectorsTalk. Harry explains
how things are finally falling into place, reaching an inflection point, explains
the the Ethiopian State of Emergency, how Ethiopia compares with other countries
for keeping business moving and above board and whats on the KEFI timetable.

 

KEFI Minerals Plc 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 generates cash flows for further exploration and expansion as 
warranted, recoupment of development costs and, when appropriate, dividends to shareholders.

The Tulu Kapi gold project in western Ethiopia is being progressed towards development,
following a grant of a Mining Licence in April 2015.

Following completion of KEFI’s Definitive Feasibility Study for Tulu Kapi, the Company
is now progressing contractual terms for project construction and operation. Latest
estimates for annual gold production are c. 120,000oz pa and All-in Sustaining Costs(
including operating, sustaining capital and closure but not including financing 
charges) of <US$800/oz. Tulu Kapi’s Ore Reserve estimate totals 15.4Mt at 2.12g/
t gold, containing 1.05Moz.

All aspects of the Tulu Kapi (open pit) gold project have been reported in compliance
with the JORC Code (2012) and subjected to reviews by appropriate independent experts.
These plans now also reflect the agreed construction and operating terms with project
contractors, and have been independently reviewed by experts appointed for the project
finance syndicate.

A Preliminary Economic Assessment has been published that indicates the economic
attractiveness of mining the underground deposit adjacent to the Tulu Kapi open 
pit, after the start-up of the open pit and after positive cash flows have begun
to repay project debts.

The projected cash flows indicate that the net cash build-up (after servicing financing)
in the first three production years is US$61 million to US$251 million for the gold
price range of US$1,100/oz to US$1,900/oz which prevailed during the past seven 
years.

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