# INTERVIEW: KEFI Minerals – Tulu Kapi Gold Project Update

- Link: https://www.directorstalkinterviews.com/interview-kefi-minerals-tulu-kapi-gold-project-update/412765594
- Published: 2019-01-28T07:28:24+00:00
- Author: Giles Arbor

**KEFI Minerals plc** ([LON: KEFI](https://www.directorstalkinterviews.com/company/kefi-gold-and-copper/kefi.l))
Chairman Anagnostaras Adams talks to DirectorsTalk about its update on the Tulu 
Kapi Gold Project. Harry talks us through the highlights, explains what it all means
to the company, the plan for the next 6 months and what the new board members will
be adding to the project.

KEFI Minerals is focused primarily on the advanced Tulu Kapi Gold Project development
project in Ethiopia, along with its pipeline of other projects within the highly
prospective Arabian-Nubian Shield. KEFI targets that production at Tulu Kapi generates
cash flows for capital repayments, further exploration and expansion as warranted
and, when appropriate, dividends to shareholders.

**Ethiopia**

Ethiopia is currently undergoing a remarkable transformation both politically and
economically.

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

The Company has now refined contractual terms for project construction and operation.
Estimates include open pit gold production of c. 140,000oz pa for a 7-year period.
All-in Sustaining Costs (including operating, sustaining capital and closure but
not including leasing and other financing charges) remain c. US$800/oz. Tulu Kapi’s
Ore Reserve estimate totals 15.4Mt at 2.1g/t gold, containing 1.1Moz.

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.

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. An area of over 1,000 square kilometres adjacent to Tulu
Kapi has been reserved for exploration by KEFI upon commencement of development,
with a view to adding satellite deposits to development and production plans.

**Saudi Arabia**

In 2009, KEFI formed G&M in Saudi Arabia with local Saudi partner, Abdul Rahman 
Saad Al Rashid & Sons Company Limited, to explore for gold and associated metals
in the Arabian-Nubian Shield. KEFI has a 40% interest in G&M and is the operating
partner.

ARTAR, on behalf of G&M, holds over 20 EL applications. ELs are renewable for up
to three years and bestow the exclusive right to explore and to obtain a 30-year
exploitation (mining) lease within the area.

The Kingdom of Saudi Arabia has announced 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.

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