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 provided an update in respect of the licence tenure of the Tulu Kapi Gold project in Ethiopia. KEFI is pleased to report that, since the safe return to their families on 24 October 2021 of our four abducted employees, as announced on 25 October 2021, we have responded formally and have also provided detailed briefings to the Ethiopian Ministry of Mines (“MoM”) as regards the temporary suspension (by Government security forces) of site access for Project launch preparations.
In particular regarding the Project schedule, Project company Tulu Kapi Gold Mines Share Company (“TKGM”) formally advised the MoM of the appropriate adjustments to the recently MoM-approved Development and Production Work Programme in compliance with the mining regulations. We greatly appreciate the subsequent understanding and support of the MoM, as well as that of the other Ethiopian Government agencies, along with that of the local community and other stakeholders.
TKGM has already proceeded to arrange remobilisation to the Project site and district of the various teams. The site-access prohibition will have lasted for approximately two months and we expect to complete investigations and the required assessments and reports within the next month. Accordingly, the Project schedule has lost approximately three months due to circumstances outside TKGM’s control. All Tulu Kapi Project syndicate members appreciate and understand the safety-first approach successfully adopted by the community, the Ethiopian Government security forces and TKGM’s hostage recovery teams.
KEFI Gold and Copper has continued to progress legal documentation and other Project preparations. Accordingly, TKGM has preserved its ability to start Project commissioning in 2023 and the target is to start launching key Project development activities in December 2021. The Company will report any further material developments and make further progress reports as appropriate.
