The KEFI Gold and Copper Plc (LON: KEFI) share price rallied 17.5% after revealing that it had gotten some rapid responses from the Ethiopian government regarding the various approvals needed to proceed with its Tulu Kapi Gold project.
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The company noted that the National Bank of Ethiopia (NBE), Ethiopia’s Central Bank, proclaimed and published a new NBE Directive on 8 September 2023, which satisfies the company's and its stakeholders' requests to ensure conformity with the specific Project details.
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The NBE Directive regarding capital controls established by the central bank was one of the final action points remaining to allow for the completion of the Tulu Kapi Project financing package. The company has also received other confirmations from the Ethiopian government.
KEFI has received formal approval for its updated Environmental and Social Impact Assessment, facilitated by the Ethiopian Ministry of Mines, and the requested updated completion schedules by the electricity and roads authorities for offsite infrastructure. Only the documentation and administrative matters remain outstanding.
The government is also addressing the security issue to facilitate the next steps in the field and ensure continued stability in the region around the project location. As planned, the company is still scheduled to launch the project in Q4 2023.
Today’s update comes barely a week after KEFI Minerals issued another update about the progress of its Saudi projects, Jibal Qutman Hawiah, and Al Godeyer and Abu Salal. The company had completed a 13,000m drill programme ahead of the updated resource estimate at Jibal Qutman.
KEFI was doing the trenching and diamond drilling work to identify additional resources at Jibal Qutman. The company has also completed the metallurgical testwork on Oxide Ore, and the metallurgical testwork on fresh ore was ongoing with Phase 1 of the fresh testwork being completed.
The mining company has an ongoing +60,000m infill and expansion drilling campaign continues to yield positive results at Hawiah. The drilling programme was designed to upgrade the Resource classification to allow for additional Ore Reserves definition as part of the planned 2024 DFS.
KEFi remains on track with all its projects, and we can see that the company is managing its multiple projects at different stages.
KEFI share price.
The KEFI Minerals share price rallied 17.46% to trade at 0.74p, from Monday’s closing price of 0.63p.
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