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Pin to quick picksKefi Gold & Copper Share News (KEFI)

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London miner KEFI signs gold, silver mine deal in Ethiopia

Mon, 13th Apr 2015 16:21

By Aaron Maasho

ADDIS ABABA, April 13 (Reuters) - London-listed miner KEFIMinerals signed a deal with the Ethiopian government onMonday to mine for gold and silver in the west of the Horn ofAfrica country.

KEFI took over exploration rights for the Tulu Kapi projectin the Oromia region from Australia's Nyota Minerals Ltd.

Under the 20-year agreement, KEFI plans to mine for bothgold and silver over an area of 7 square kilometres. The companysaid it aimed to produce 28.6 tonnes of gold over 11 years.

"Production will be in 2017, and 2016 will be the year ofconstruction," KEFI Chairman Harry Anagnostaras-Adams said atthe signing ceremony in the Ethiopian capital.

Gold is Ethiopia's second-largest export revenue generatorafter coffee and earned an average of $450 million to $500million a year for the past five years.

"We hope this mining of gold and silver will contribute toour national economy, especially in foreign currency," MinesMinister Tolesa Shagi said, adding he expected the firm todeliver revenues of $1.6 billion to the state over 11 years.

Tulu Kapi will be Ethiopia's second mine after Lege Dembi,which is in the Adola gold belt about 300 km (186 miles)southeast of Addis Ababa. The mine is run by Midroc, a firmowned by Saudi-Ethiopia businessman Mohammed al-Amoudi. (Editing by Edmund Blair and Susan Thomas)

More News
3 Dec 2019 09:19

KEFI Minerals reports 'excellent start' to testing at Hawiah

(Sharecast News) - Ethiopia and Saudi Arabia-focussed gold exploration and development company KEFI Minerals reported further encouraging assay results from the drilling programme at its Hawiah Exploration Licence in Saudi Arabia on Tuesday.

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2 Dec 2019 11:43

KEFI Minerals Shares Climb As It Picks Bank Funding For Tulu Kapi

KEFI Minerals Shares Climb As It Picks Bank Funding For Tulu Kapi

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25 Nov 2019 14:25

KEFI Minerals upbeat at Tulu Kapi Project gains momentum

(Sharecast News) - Ethiopia and Saudi Arabia-focussed gold exploration and development company KEFI Minerals announced on Monday that its subsidiary, the Tulu Kapi Gold Mines Share Company (TKGM), has launched the Tulu Kapi Gold Project with its Ethiopian private and public sector partners at the second international Ethiopian Mining Conference and Exhibition.

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25 Nov 2019 12:01

KEFI Minerals Mulling Financing Options For Ethiopia's Tulu Kapi

KEFI Minerals Mulling Financing Options For Ethiopia's Tulu Kapi

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25 Nov 2019 11:49

REFILE-UPDATE 1-Ethiopia vows to remove barriers to investment in mining

(Refiles with no change to text)ADDIS ABABA, Nov 25 (Reuters) - Ethiopia vowed on Monday to remove barriers to investment in its mining sector, focusing efforts on minerals used in agriculture and construction which will help drive its industriali...

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25 Nov 2019 11:49

UPDATE 1-Ethiopia vows to remove barriers to investment in mining

(Adds quotes from minister, details and context)By Dawit EndeshawADDIS ABABA, Nov 25 (Reuters) - Ethiopia vowed on Monday to remove barriers to investment in its mining sector, focusing efforts on minerals used in agriculture and construction which...

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12 Nov 2019 15:58

KEFI Minerals claims 'encouraging' results from Hawiah

(Sharecast News) - Gold exploration and development company KEFI Minerals reported encouraging results at the start of its scout drilling programme on the Hawiah Exploration Licence in Saudi Arabia on Tuesday.

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12 Nov 2019 10:35

KEFI Minerals Reports "Encouraging" Scout Drilling Results At Hawiah

KEFI Minerals Reports "Encouraging" Scout Drilling Results At Hawiah

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7 Nov 2019 11:16

KEFI Minerals Shares Surge As Ethiopia Resolves Tulu Kapi Hold Up

KEFI Minerals Shares Surge As Ethiopia Resolves Tulu Kapi Hold Up

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7 Nov 2019 10:44

UK WINNERS & LOSERS SUMMARY: Hiscox Slumps 13% After Ratings Cut

UK WINNERS & LOSERS SUMMARY: Hiscox Slumps 13% After Ratings Cut

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29 Oct 2019 13:52

KEFI Minerals Still Awaiting Complete Tulu Kapi Project Thumbs Up

KEFI Minerals Still Awaiting Complete Tulu Kapi Project Thumbs Up

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29 Oct 2019 09:55

KEFI Minerals positive despite delays at Tulu Kapi

(Sharecast News) - Gold exploration and development company KEFI Minerals updated the market on its Tulu Kapi Gold Project in Ethiopia on Tuesday, confirming the receipt of all government permits and independent consultants reports required for closing the project equity financing and triggering the development of the project by the Tulu Kapi Gold Mines Share Company (TKGM).

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23 Oct 2019 15:04

KEFI Minerals reports latest drilling findings from Hawiah

(Sharecast News) - Gold exploration and development company KEFI Minerals reported on Wednesday that, following the start of drilling activities at its Hawiah Exploration Licence in Saudi Arabia, the first drill hole - HWD 001 - has intercepted a 15.8 metre interval of massive sulphide at a vertical depth of 125 metres.

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23 Oct 2019 09:26

KEFI Minerals Reports Immediate Success From Saudi Arabian Drilling

KEFI Minerals Reports Immediate Success From Saudi Arabian Drilling

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16 Oct 2019 09:57

Ariana Resources Buys Royalty On Kizilcukur Project From KEFI Minerals

Ariana Resources Buys Royalty On Kizilcukur Project From KEFI Minerals

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