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Image used for illustrative purpose only. A worker at Ashanti goldfields' big mine in Obuasi, Ghana, supervises the pouring of gold heated to around 1,600 centigrade. Ashanti, one of Africa's biggest gold mining companies, is the subject of rival merger bids.
KEFI Gold and Copper is targeting to start gold production in Saudi Arabia and Ethiopia in the next three years, the London’s Alternative Investment Market-listed company said in a new investor presentation.
The development of the Hawiah Copper-Gold project, located within the Wadi Bidah mineral district in Saudi Arabia, is expected to lift aggregate production to a gold-equivalent 400,000 ounces per annum.
The definitive feasibility study on the Jibal Qutman gold project, covering an area of 99.9 square kilometres in the Kingdom, is well advanced and completion is likely in early 2023. The project will likely start construction within six months of the Tulu Kapi gold project in Ethiopia.
KEFI anticipates an update on the mineral resource estimate for Hawiah project in December 2022. The preliminary feasibility study is well advanced for completion in early 2023 and will reflect expanded resources.
Meanwhile, the presentation stated that progress remains on track for definitive documentation to be signed by year-end for Tulu Kapi's financing and launch.
(Writing by P Deol; Editing by Anoop Menon)
