お知らせ • Aug 06
Kefi Gold and Copper Provides Operational Update on Tulu Kapi Gold Project and Growth Pipeline
Kefi Gold and Copper announced operational updates on the Company's Tulu Kapi Gold Project and its separate growth pipeline in Ethiopia and Saudi Arabia. The Phase 1 Resettlement Action Plan at Tulu Kapi, clearing the mining licence area for the installation of initial infrastructure, is well advanced, with 100% of compensation agreements now completed. Preparations for the Phase 2 Resettlement Action Plan, covering the open pit mining and plant areas are now underway. Project equipment procurement continues as planned, with more than 50% of major equipment already ordered or ready for ordering. Contractors Lycopodium, EEP, ERA and BCM are all installing their own personnel, subcontractors and systems at Tulu Kapi. Physical progress on the ground at Tulu Kapi to date includes the construction of houses away from the mining licence area, installation of an electrical substation and a new access road from the bitumen highway to site. The Tulu Kapi Charitable Endowment has started several community initiatives designed to complement the Project and support long term local sustainable enterprises and agricultural projects. All key Project milestones at Tulu Kapi are tracking on schedule, with commissioning targeted to commence in late 2027 for full production in mid-2028 from the open pit and process plant. Development remains in accordance with the approved Project schedule. Activity this month has centred on community resettlement and plant procurement, with the following additional progress to report since the Project update announced on 26 May 2026: Phase 1 of the Resettlement Action Plan, covering the airstrip, plant site, electrical substation and construction camp, is substantially advanced: 100% of compensation agreements with affected landholders are now completed, and approximately 90% of compensation payments have been made; the permanent replacement housing programme is underway, with initial accommodation arranged where required. Phase 2 Resettlement Action Plan preparation has now begun including areas required for pre-production drilling and mining. Over 50% of major plant equipment is now ordered or ready for order in line with the disbursement schedule, including the SAG (semi-autogonous grinding) mill, vibrating grizzly, cyclones, apron feeders, compressors and blowers, jaw crusher, agitators, carbon regen kiln, sludge pan filters, electrowinning cells, strip solution, goldroom furnace, goldroom safe, vault door, water treatment plant, sewage treatment plant, intertank screens, wet vibrating screens, centrifugal and axial fans, acid wash and eluate filters, and drying oven. Principal contractors Lycopodium, EEP, ERA and BCM are now intensively mobilising personnel, subcontractors and systems on the ground. Physical construction to date comprises house-building for resettlement, installation of an electrical substation and the new access road. The Tulu Kapi Charitable Endowment launched its first community initiatives, including plant nurseries to support the Project's rehabilitation programmes and local agricultural projects, with a focus on aligning stakeholders behind maintaining the development schedule. Project debt drawdown remains on track for a Fourth Quarter 2026 trigger, with final timing being optimised around disbursement scheduling and currency flows. Ahead of Project debt drawdown next quarter, Kefi Gold and Copper remains well funded following the equity capital raised in First Half 2026. Development sequencing starts with Jibal Qutman Stage 1 (oxide open pit), likely to be followed by Hawiah Stage 1 (oxide open pit), and then by sulphide development at Jibal Qutman Stage 2 and/or sections of the Hawiah system. Jibal Qutman's final investment decision is targeted for Second Half 2026; Kefi Gold and Copper will update shareholders on the Definitive Feasibility Study outcome, the GMCO investment decision and Kefi Gold and Copper's own participation decision at that time. The growth of production in Saudi Arabia's planned series of mine developments targets aggregate production in gold-equivalent terms greater than that of Tulu Kapi and the development financing thereof will be mostly from a combination of joint venturing and self-funded growth. GMCO has made significant recent discoveries in the Kingdom and has created joint ventures with major corporations Hancock Prospecting of Australia and Ajlan & Bros Holding of Saudi Arabia. Kefi Gold and Copper has recently re-assembled a highly successful exploration team, under Jeff Rayner, Head of Exploration, with deep experience in Ethiopia. That team is now evaluating and prioritising opportunities both close to Tulu Kapi and in other under-explored but highly prospective areas. New opportunities will be judiciously advanced whilst Kefi Gold and Copper prioritises construction at Tulu Kapi.