# KEFI Gold and Copper makes statement re Press Speculation

- Link: https://www.directorstalkinterviews.com/kefi-gold-and-copper-makes-statement-re-press-speculation/412989825
- Published: 2021-05-17T07:16:21+01:00
- Author: Giles

**KEFI Gold and Copper plc** ([LON:KEFI](https://www.directorstalkinterviews.com/company/kefi-gold-and-copper/kefi.l)),
the gold and copper exploration and development company with projects in the Federal
Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, has noted the recent
media commentary in Ethiopia regarding an Ethiopian Mines Ministry briefing held
on 14 May 2021 at which it is understood reference was made to the cancellation 
of licences awarded to 27 mining and exploration companies and which included a 
verbal reference by a ministry official to an intention to issue warning letters
to three other companies, including ‘Tulu Kapi Gold Mines’.

Neither KEFI nor its subsidiaries, KEFI Minerals Limited and Tulu Kapi Gold Mines
Share Company, nor any of their associate companies, are aware of any breach of 
any licence conditions and have not received any such warning letter nor had notice
of such an intended letter flagged to them formally or informally.

The Directors of KEFI believe they have an especially close working relationship
with the Ethiopian Government, which is a shareholder in TKGM at both the Federal
and Oromia Regional levels.

Last week, formal meetings of the TKGM shareholders, board of directors and Project
task force (comprising senior representatives of TKGM and all involving Ethiopian
Government agencies) were held which agreed the tasks and timetable for development
of the Company’s Tulu Kapi gold project (“Tulu Kapi” or the “Project”) to commence
in the coming months.

It was agreed by all that, in this time of heightened anxiety around arguably the
most important democratic elections in Ethiopia’s history (which are scheduled for
the end of June 2021), it remains most important for all parties joint focus to 
remain on reinforcing the collaborative efforts to complete the preparations for
Project launch.

KEFI and TKGM are particularly grateful for the Ethiopian Government’s efforts at
all levels regarding the jointly-owned Project and its undertakings to complete 
its requisite final preparations for development to commence.  Notwithstanding the
obvious distraction of election time, it was agreed last week to upscale security
around the Project, endorse KEFI’s historical Project expenditure, confirm KEFI’s
exploration licences and confirm the construction schedule for the offsite infrastructure(
roads and electricity connection).  KEFI acknowledges and appreciates the huge effort
required from such busy Government agencies.

All parties involved in the Project are extremely busy closing the financing and
development preparations as outlined in the Company’s recent announcements.  KEFI
consider it a privilege to have the opportunity to play a small part in the overwhelmingly
positive transformation that is occurring in Ethiopia and KEFI are extremely proud
that our joint KEFI-Ethiopian Government owned Project remains on schedule to launch
shortly with the goal of ultimately contributing over US$250 million per annum to
Ethiopia’s export revenues.

KEFI remains focused on completing preparations for full Project launch as soon 
as possible after the Company’s Annual General Meeting, which will be convened in
due course for a date before the end of June 2021.

The Company will make further announcements as appropriate.

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