London-listed Kefi Gold and Copper says it has taken a huge effort, over a much longer period than anticipated, to overcome numerous market challenges in both Ethiopia and Saudi Arabia, where the company is developing projects.

However, the company is nearing finalisation of financing for the $320-million Tulu Kapi gold project, in Ethiopia, as well as the finalisation of a definitive feasibility study and project financing for the Jibal Qutman project, and a prefeasibility study for the Hawiah project, both in Saudi Arabia. 

Kefi says it has already launched key initial aspects of the Tulu Kapi development and intends to continue with a staged build up to full launch. It still awaits certain approvals from the central bank and the Ministry of Mines, before it will start with procurement, community resettlement and site works.

The company also continues building up to 80% ownership of the Tulu Kapi project.

The company has built a growing resource inventory of five-million gold-equivalent ounces.

“Having three advanced projects in two countries places us in a much better position [in terms of risk] than was previously the case. These projects rank as highly important in both countries – as first movers in their respective revitalised minerals sectors.

“Financial markets, and the Aim market in particular, have shown some volatility and weakness flowing from global and UK political events. This has reinforced Kefi’s strategy of primarily sourcing project-level and subsidiary-level project financing,” comments executive chairperson Harry Anagnostaras. 

Simultaneously, the Saudi capital market has shown relative strength and particular interest in natural resources, as have the Canadian and Australian stock markets. 

Kefi has appointed advisers to consider a dual-listing of the company's shares on the Saudi stock exchange.