KEFI strengthens Board with Danny Callow appointment

KEFI Gold and Copper plc (LON:KEFI), the gold and copper exploration and development company with projects in Ethiopia and Saudi Arabia, has announced the appointment of Danny Callow as an independent Non-Executive Director of the Company with immediate effect. We are also pleased to outline the plan for structuring the Board and the Board committees.

Mr Callow has extensive experience in building mines in Africa, with previous roles including Head of African Copper Operations for Glencore, CEO of Mopani Copper Mines and Mutanda Copper Mine in Zambia and the DRC, COO of Consolidated Copper Corp, and in the last seven years with Toubani Resources, initially as COO before becoming CEO, transitioning to Executive Chairman, and more recently to the role of Non-Executive Director.

From the KEFI Board’s viewpoint, Mr Callow fills the vacancy left by the retirement of Richard Robinson at the Company’s recent AGM.

KEFI’s policy for the current Board composition is that, pending the start-up of production at Tulu Kapi, it comprises the founding executive directors, the Executive Chairman and Finance Director, and four independent Non-Executive Directors with complementary skills and experience, Chairing an appropriate Board committee:

·    Dr Alistair Clark, Senior Independent Director, Deputy Chairman and Chair of ESG and Sustainability

·    Addis Alemayehou, Non-Executive Director and Chair of Nomination and Remuneration

·    Maleda Bisrat, Non-Executive Director and Chair of Audit and Risk

·    Danny Callow, Non-Executive Director and Chair of Operations and Physical Risks

The committees comprise all Non-Executives, with the Executive Chairman attending to report along with other relevant executives and advisers. All Non-Executive Directors will also shortly join the main Company subsidiary boards in order to ensure timely and effective transparency. The three operating group companies are KEFI, its 100% subsidiary KME Minerals Ethiopia Holdings Share Company and its 95%-owned Tulu Kapi Gold Mines Share Company. 

Alongside the Executive Chair and Finance Director other senior executives on specific subsidiary boards to ensure transparency and maximum accountability will shortly comprise the following:

·    KEFI Group Chief Operating Officer Eddy Solbrandt as Director of KMEH and Deputy Chair of TKGM;

·    Country Adviser-Ethiopia Abera Mamo as Deputy Chair of KMEH; and

·    Managing Director of TKGM Simon Cleghorn.

At about the start-up of production at Tulu Kapi, planned for mid-2028, the KEFI Board expects that a Chief Executive Officer will be appointed and the current Executive Chairman will become Non-Exective Chairman. The Finance Director will then retire and a replacement be appointed. Internal staff development and recruitment is in process as part of this and wider succession planning.

Harry Anagnostaras-Adams, Executive Chairman of KEFI Gold and Copper, commented: “KEFI’s organisational structure is being expanded and refined in preparation for its next stage. Today’s announcement highlights Danny Callow’s very welcome appointment as a Non-Executive Director of KEFI. Danny brings to our team first-class hands-on African mine development experience and he will focus on closely monitoring project development and, in due course, operations.

“Today’s announcement also summarises the planned and very deliberate composition of the Board and the Board committees which are designed to maximise transparency and quick information flow. A similarly considered deep and deliberate approach is taking place as regards the Board and management structure of the subsidiary companies, including at newly-formed Ethiopian holding company KME Minerals Ethiopia Holdings Share Company and the main operating company Tulu Kapi Gold Mines Share Company. Likewise Gold and Minerals Limited in Saudi Arabia has recently expanded its board and is creating an apprioriate board committee for operational oversight as it also prepares for project development.”

Further information on Danny Callow’s appointment:

The following information is discosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in relation to Daniel (“Danny”) John Callow, aged 55:

Mr Callow holds no ordinary shares in the capital of the Company.

There is no further information to be disclosed in relation to Mr Callow’s appointment pursuant to AIM Rule 17 or Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.