Ethiopian Government resolves its Project Administrative Arrangements
Project equity Investment and the Project can now proceed
KEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to report that it has received confirmation from the Ethiopian Government that they have now resolved the outstanding internal administrative arrangements with respect to the Company’s Tulu Kapi Gold Project (the “Project”), as outlined in the Company’s announcement on 29 October 2019.
These outstanding Government administrative arrangements had held up the closing of the Project equity investment past the originally foreseen date of 31 October 2019. Following receipt of this confirmation from the Ethiopian Government, the partners of the Project subsidiary, Tulu Kapi Gold Mines Share Company (“TKGM”), are now in a position to complete and sign final documentation relating to the shareholders’ agreement and trigger subscription procedures for the Project equity capital. The community, contractors and other stakeholders will now also be asked to prepare for the commencement of Project development and the site and district security arrangements will continue to be checked and refined with all the authorities. Further announcements will be made in due course.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Notes to Editor
KEFI Minerals plc
KEFI is focused primarily on the advanced Tulu Kapi Gold Project development project in Ethiopia, along with its pipeline of other projects within the highly prospective Arabian-Nubian Shield. KEFI targets that production at Tulu Kapi generates cash flows for capital repayments, further exploration and expansion as warranted and, when appropriate, dividends to shareholders.
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