KEFI Gold and Copper chairman says 'stars are aligning' with gold at $2,400
April 16, 2024 at 07:08 am EDT
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KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) executive chairman Harry Anagnostaras-Adams tells Proactive's Stephen Gunnion that "the stars are aligning" as gold continues to reach record highs as the company prepares to trigger production at its Tulu Kapi gold project in Ethiopia.
Gold at around $2,400 per ounce aligns perfectly with KEFI's plans to commence construction. This historic high in gold prices is expected to greatly enhance the company's net cash flow, with projections reaching around $90 million after expenses, Harry Anagnostaras-Adams said.
In Ethiopia, where production is expected to start within two years, the impact is most immediate and substantial, enhancing project economics significantly. Its Saudi Arabian projects, while further behind, are expected to see similar benefits in the longer term.
Anagnostaras-Adams also highlighted industry trends, noting consolidation among African gold developers and predicting a positive knock-on effect on acquisitions and asset trading due to increased cash flows for producers.
Discussing the future, he remained cautiously optimistic about maintaining high gold prices, bolstered by strong historical demand and current geopolitical tensions.
Anagnostaras-Adams concluded with updates on project approvals and progress in Ethiopia and Saudi Arabia, underscoring compliance with timelines and the beneficial effects of current commodity prices on KEFI's operations.
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KEFI Gold and Copper Plc, formerly KEFI Minerals plc, is a gold exploration and development company. The Company focuses on gold and copper deposits, primarily in the prospective Arabian-Nubian Shield. The Company operates through the mineral exploration segment. The Company operates in Ethiopia and Saudi Arabia. The Company's projects include Tulu Kapi project, Jibal Qutman EL and Hawiah EL. The Jibal Qutman EL project is located in the central southern region of the Arabian-Nubian Shield and covers an area of over 100 square kilometers. The Company focuses on producing gold through an open cut operation. The Tulu Kapi gold project is located in Western Ethiopia. The Tulu Kapi project is located approximately 360 kilometers due west of Ethiopia's capital, Addis Ababa. The Tulu Kapi project includes an ore reserve of over 1.1 million ounces and mineral resources totaling 1.7 million ounces of gold.