on Thursday announced that it has received the green light from the Ethopian Government to commence development at the Tulu Kapi Gold Project.
In late October, the company had to wait for the Ethopian Government to resolve “certain internal administrative matters”.
However KEFI said on Thursday that confirmation from the Government of arrangements meant that it could complete and sign the final documentation and trigger subscription procedures for the Project equity capital.
Shares in KEFI jumped 56% to 1.165p on Thursday morning after the update
The Tulu Kapi project is said to have 1.1 million ounces of gold according to a JORC reserve estimate, with All-in Sustaining Costs of US$800 per ounce.
The Tulu Kapi Gold Mines Share Company is a high-profile public-private partnership in Ethiopia which KEFI said “has the potential to be the largest single export-generator” for the country.
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The AIM-listed processing company also said it had received expressions of interest from potential customers for almost double its annual capacity of 20,000 tonnes of antimony metal and trioxide.
“The potential scale and opportunity of this development is truly significant, especially given the potential synergies with our ongoing development of coal mine and mine mouth power,” commented Naheed Memon, Chief Executive of Oracle.
Kape CEO Ido Erlichman said: “In one acquisition, I believe we have positioned Kape to fast become one of the leading digital privacy service providers in the world, empowering consumers to manage their own data and digital security.”
SP Angel research note on commodities and miners, featuring: Adriatic Metals* (ADT AU) A$1.31, Mkt cap A$226.1m – Vares scoping study Arc Minerals* (ARCM LN) 2.7p, Mkt Cap £20m – Arc agrees sale of Šturec as it focuses resources on development of Cheyeza East discovery in Zambia Cora Gold* (CORA LN) 5.4p, Mkt Cap £7m – 5,000m of drilling to test lateral and dip extensions at Sanankoro Oriole Resources (ORR LN) 0.39p, Mkt cap £2.7m – Financing for Thani Stratex Resources Djibouti Pensana Metals (PM8 AU) A$0.20, Mkt cap A$30m – Pensana punchy on NdPr prices in new Feasibility Study Tri-Star Resources* (TSTR LN) 37p, Mkt Cap £35.2m – First production of commercial grade antimony metal
Matt Lofgran, Chief Executive Officer of Nostra Terra explained the company decision, commenting, “We have taken the view that because the asset is loss-making and given we are not the operator, despite the fact that we feel that we could improve operations significantly, ultimately the best resolution is for NTI to transfer its interest and have no past or future liability."
“Transport refuelling is just the tip of the iceberg for demand for hydrogen from renewable sources,” said Dr Graham Cooley, CEO of ITM Power, “and this partnership will be well positioned to participate in this exciting and rapidly growing industry."