KEFI Gold and Copper Plc (LON:KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, has announce a positive resolution to the recent security situation at the Company’s Tulu Kapi Gold project. As announced on 29 September 2021 and on 18 October 2021, certain security issues had arisen during September 2021. These led the security authorities to request a suspension of site inspections and community consultations, and therefore KEFI and the Project company, Tulu Kapi Gold Mines Share Company, to temporarily pause the finance finalisation and launch of the Project to ensure that these matters were satisfactorily addressed.
The particular company-specific issue, that can only now be reported following their safe release on 23 October 2021, was the abduction of four TKGM employees and contractors, captured during inspections of traffic routes for the Project. KEFI very much appreciates their safe and unharmed release without any conditions. All four are now reunited with their families.
We wish to express the Company’s gratitude to all stakeholders involved in the incident’s calm, disciplined and successful management. The welfare of our employees, contractors and their families is our first priority and we reiterate our request that the media respect the privacy of the individuals concerned and their families to avoid unnecessary further distress.
This incident reinforces the importance of safety for all stakeholders involved in the Project, the community, TKGM and its employees and contractors, the international financiers and other parties committed to the safety and success of the Tulu Kapi Project.
After informing the families of the release of the subject employees and contractors, TKGM immediately informed the security services, the President of Oromia, the Minister of Mines, our Government partners, the President of the Ethiopian Evangelical Church of Mekane Yesus, the community, contractors and financiers.
So as to waste no time in re-initiating the Project launching, TKGM has already arranged for the independent community liaison and field-safety advisers to attend our planning workshops next month to update the necessary steps for the Project’s launch with all the Government agencies involved. The Company has remained eager to proceed with the Project as soon as possible, whilst also meeting the requirements to comply with appropriate security and other standards which we are now confident should prevent a recurrence of such an incident. To this end, other preparations such as legal documentation have, wherever unaffected by this incident, continued unabated. With this localised security issue now resolved and having been subsequently fully disclosed when it has become safe to do so, the Company looks forward to working with the Ministry of Mines to ensure that it is satisfied in all respects.
KEFI Gold and Copper will make further announcements as appropriate and remains optimistic that the Project in Ethiopia will still be launched this year albeit with duly refined and risk-managed arrangements to protect all people and capital involved, with the commissioning of production in 2023, ahead of development of the Hawiah project in Saudi Arabia.
