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Kefi Gold denies it has lost key licence

By Abigail Townsend

Date: Monday 27 Jun 2022

Kefi Gold denies it has lost key licence

(Sharecast News) - Kefi Gold and Copper has dismissed media reports claiming it has lost its Tulu Kapi licence in western Ethiopia.
The AIM-listed miner said on Monday that local press had "inaccurately" referred to the loss of the licence.

It acknowledged it had received a reminder of deadline letter on 24 June from the minister of mines, referring to a new 30 June deadline. The company is required to demonstrate the availability of project funding and to check compliance relating to the environment, duties and taxes, land rent and exploration reports by the end of the month.

But Kefi said it remained confident it was compliant with all regulatory requirements and that it would be able to sign the umbrella funding agreement by June end, "which will demonstrate the full funding and any attached remaining conditions".

Kefi, which debuted on London Stock Exchange's junior market in 2006, is focused on exploration and development in the Arabia-Nubia Shield, and acquired the Tulu Kapi Gold Project in 2014. Full construction is planned to begin in October, once the dry season begins, with annual gold production projected at 140,000 oz from the open pit, increasing to around 190,000 oz once the underground mine becomes operational a few years later.

As at 1330 BST, shares in Kefi were down 6% at 0.6p.

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