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Kefi Minerals rises as unveils "most productive" quarter in history

Published: 06:28 28 Jul 2014 EDT

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KEFI Minerals (LON:KEFI) shares were lifted as it described its second quarter as the "most productive" in its history, which saw progress at both projects: Tulu Kapi and Jibal Qutman.

At Tulu Kapi in Ethiopia, milestones for the remainder of the year as part of the mining licence application for the project include closing the acquisition of the remaining 25% and an independent verification or ore reserves.

At the Jibal Qutman property in Saudi Arabia, where strong drill results have been reported this month, the firm intends to expand the revised plans to the level required by syndicate banks.

On the second quarter, managing director Jeff Rayner said: "We strengthened our board with the appointment of Norman Ling, former UK ambassador to Ethiopia, and we raised over £2 million to ensure that we can continue to support the rapid development of our projects.

"Operationally, the selective mining approach we deployed at Tulu Kapi at the beginning of the year has had the effect of significantly lowering capital requirements making the project a more attractive investment and financially-viable proposition.

"As a result, for Tulu Kapi, we are on track to complete the DFS documentation required to organise the project finance and re-activate the mining licence. In Jibal Qutman, results from recent drilling extend the known mineralisation and we expect to submit the mining licence application by year end."

KEFI Minerals shares rose 5.45% to 1.45p.

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