KEFI Gold and Copper Raises £8m for Ethiopia, Saudi Mining Projects

ADDIS ABABA- KEFI Gold and Copper, a UK-listed gold and copper mining company, said it has raised £8 million fund, through firm and conditional placings of ordinary shares, for two projects in Ethiopia and Saudi Arabia.

The newly raised sum will partly fund “selected development activities” and “additional exploration” works at satellite deposits in the Tulu Kapi district.

The fund will also contribute to the Company’s share of exploration at the Hawiah Gold and Copper Project in Saudi Arabia.

In Ethiopia, KEFI’s Chairman Harry Adams said the company is “now at the stage to increase development and also exploration activities, as allowed by the Government authorities, to demonstrate both our good faith and to also show that security is appropriate for full project launch from mid-2022.”

The mining company acquired the gold deposit site, located in the West Wollega Zone of the Oromia regional state, about eight years ago.

Tulu Kapi Gold Project has an estimated annual capacity of 100,000 tonnes of gold.