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.
Follow News & Updates from KEFI Minerals here:
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
Shares in newly floated Saudi Aramco surged by 10 per cent yesterday as the world’s biggest initial public offering was hailed as a success by the government in Riyadh, The brother-and-sister team that set up Stagecoach is vacating the driving seat after the transport group showed declining revenues in the last six months
SP Angel research note on commodities and miners, featuring: Cora Gold* (CORA LN) 5.8p, Mkt Cap £7.5m – Exploration update Edenville Energy* (EDL LN) 0.04p, Mkt Cap £2.2m – New coal supply contracts signed for up to 9ktpm Magnis Energy Technologies (MNS AU) A$0.096, Mkt cap A$60m – Magnis executes binding EPC contract with China MCC Renascor Resources* (RNU AU) A$0.011, Mkt Cap A$13m – Approval for production for large-scale marketing samples Rio Tinto (RIO LN) 4307.5, Mkt cap £73.0bn – Mongolian Parliament provides greater clarity on Oyu Tolgoi Savannah Resources* (SAV LN) 2.3p, Mkt Cap £29.8m – Second mining licence issued at Mutamba Teranga Gold (TGZ CN) C$6.19, Mkt Cap C$666m – Acquiring the Massawa gold project in Senegal
Lloyds Bank has agreed to restart a compensation scheme it set up for victims of fraud after “serious shortcomings” were found, Advertising mogul Maurice Saatchi has quit the agency which bears his name, days after an accounting error sent shares plunging 45%.