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19 Jun 2020 | 10:06

KEFI Minerals upbeat on progress at Tulu Kapi

(Sharecast News) - Gold exploration and development company KEFI Minerals updated the market on progress at its Tulu Kapi Gold Project on Friday, reporting that development had continued as planned despite the Covid-19 pandemic. The AIM-traded firm said work on infrastructure for the connection of roads and power, and a security upgrade was on schedule, so that it would not hold up on-site construction over the next two years when new roads and electricity are required.

It said a road was now being built into new host lands for Tulu Kapi residents to be resettled, and security had been "significantly" expanded in the mine license area and the surrounding district.

Looking at infrastructure for ore processing, KEFI said the process plant front end engineering and design (FEED) was completed by principal contractors Lycopodium, after updating pricing from the plant fabricators and integrating the results of recent geotechnical drilling in the final designs of foundations for plant and dams.

"I am pleased to report that development and financing activities have been adjusted following recent operational and global events, and plans remain on schedule for project finance closure in October 2020, acceleration of construction in 2021 and gold production in 2022," said executive chairman Harry Anagnostaras-Adams.

"After inputs from all project contractors, last week TKGM has now signed off all capital expenditure, operating and financing requirements as the final 2020 Tulu Kapi plan."

Harry Anagnostaras-Adams said the "detailed and comprehensive" project updates and revisions were within expectations, and showed a reduced overall project funding requirement.

"The senior secured financiers are fully engaged in achieving our timetable and the final details of the finance plan await confirmation of the level of commitment from Ethiopian institutional investors, which we still expect will be clarified later this month."

At 0948 BST, shares in KEFI Minerals were up 0.11% at 0.93p.
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