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KEFI Minerals

KEFI Minerals plc Planned Start of Tulu Kapi Gold Project Development

KEFI Minerals (LON: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, has today announced that KEFI and its partners in Tulu Kapi Gold Mine Share Company Limited have confirmed their respective commitments to the start of development at the Tulu Kapi Gold Project in October 2019 and issued the following public statements on Wednesday 4 September 2019 in Perth, Australia, at the opening of the Africa Down Under Conference (2am London time).

Statement by the Executive Chairman of KEFI Minerals and TKGM, Mr Harry Anagnostaras-Adams:

“It is exciting that the Tulu Kapi Gold Mine development is starting and especially pleasing that it is in joint venture with both the Ethiopian Government and private sectors. All parties are completing the last-minute actions for next month’s start of the 24-month development schedule to achieve full production in 2021. This will be the first modern mine development in Ethiopia for decades and has taken great determination and collaborative effort by all parties, for which we are most grateful.”

Statement by Ethiopian Minister for Mines, Petroleum and Natural Gas, H.E Samuel Kurke:

“The Tulu Kapi Gold Project has full support from the Ethiopian Government at all levels because it is a priority for the country and community. We work closely with KEFI and look forward to the start of development next month.”

Statement by ANS Mining Director, Ato Demissie Demissie:

“ANS Mining is an Ethiopian investment company formed by a syndicate of leading Ethiopian investment institutions to participate in the Tulu Kapi Gold Project and then to consider follow-up investments in the newly prioritised mining sector in Ethiopia. As investors we have done this before in other industrial sectors and now mining is a top priority given the Government’s policies and the growth potential we see.”

The Africa Down Under Conference is attended by representatives of many of the 54 African countries and many of the 200 Australian mining companies operating in the continent, including TKGM’s principal project contractors.

These statements and the intention to commence Project development next month follows recent intense preparations on the ground in Tulu Kapi for the project go-ahead, including increased security and administrative measures.

The Company also is pleased to report that the scheduled independent security update has been received and that we are pleased with its findings. The last report was prepared in 2016 and this update has taken into account subsequent changes in circumstances and organisational preparations. The report analyses the Project security situation in detail and its conclusions and recommendations set out where and how to continue to ensure risks are managed and kept at appropriate levels. Its conclusions include that KEFI Minerals have put in place strong, well qualified leadership and have drafted comprehensive security and crisis management plans. These plans, once refined in detail and fully resourced, will maintain security risk at a level that should be acceptable.