Kefi Gold & Copper to eyes new mining license in Saudi Arabia

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Kefi Gold & Copper to eyes new mining license in Saudi Arabia

Kefi Gold & Copper Plc is eyeing new mining license in Saudi Arabia. Executive chairman Harry Anagnostaras-Adams announced the plans and said they are positive they will acquire them by next year.

Mr. Harry joined Proactive at Mines & Money in London, outlining two ongoing development projects in Saudia Arabia and one substantial mine ‘on the starting blocks’ in Ethiopia.

“One of our two discoveries in Saudi has applied for a mining license and Kefi is “pretty confident” that a mining license will come in 2022, which the other is set to see its resources upgraded after being discovered about a year ago We’re going through a launch programme shortly to take us to being the equivalent of about a half-million-ounce gold producer but with some other metals like copper and zinc,” Anagnostaras-Adams said.

KEFI Gold and Copper plc

London-listed company KEFI Gold and Copper plc (AIM: KEFI) is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield. Aside from exlopring in Saudi, the company is focused primarily on developing the advanced Tulu Kapi Gold Project in Ethiopia. Tulu Kapi has a Probable Ore Reserve of 1.05 million ounces and Mineral Resources totalling 1.7 million ounces.

Planned gold production at Tulu Kapi is forecast to be 140,000 ounces per annum at an All-in Sustaining Cost of circa US$800-900/ounce over the initial seven years of mining the open pit.

 

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