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 announced that during preparations for the expected October 2021 launch of the development phase of the Company’s Tulu Kapi Gold project security concerns have arisen.
Consequently, KEFI and the Project company, Tulu Kapi Gold Mines Share Company, have elected to temporarily pause the launch to ensure that these matters have been satisfactorily addressed.
The local community has been consulted, and the Ethiopian Ministry of Mines has been notified, as have the other Government agencies and the Company’s financing partners. All parties acknowledge the need to ensure the security situation is completely ready for the Project construction to proceed and, whilst no guarantee can be given, all continue to prepare for launch as soon as appropriate during Q4,2021.
In the meantime, the Company’s Hawiah Copper-Gold Project in Saudi Arabia continues its fast-track programme to produce an upgraded and expanded Mineral Resource Estimate and the Preliminary Feasibility Study for development.
The Company will make further announcements as appropriate and remains optimistic that the development phase of the Tulu Kapi Gold Project in Ethiopia can still be launched before the end of 2021 with the start-up of production in 2023, ahead of development of the Hawiah project in Saudi Arabia.