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KEFI Gold and Copper is expecting to complete the definitive feasibility study (DFS) for the Jibal Qutman Gold Project in Saudi Arabia this year, London’s Alternative Investment Market-listed company said in a statement.
“We expect a minimal delay in closing finance within Saudi Arabia and starting development so that we can be in production around mid-2025,” the company said.
The current 13,000-metre drilling programme focuses mainly on the South Zone, 3K Hill, 4K Hill and Red Hill areas and is likely to be completed in April 2023. It aims at upgrading and expanding the current 733,000 oz resource.
The Red Hill deposit and nearby areas have extremely good potential to provide additional ounces from the current drilling programme, KEFI added.
According to the company, the pre-feasibility study of the Hawiah Copper-Gold Project in Saudi Arabia is nearing completion for internal review.
“We target to secure finance and launch shortly after the start-ups at Tulu Kapi (Ethiopia) and Jibal Qutman,” the statement said.
The recent activities include completing the recently launched 56,000 metre drilling programme to establish ore reserves for mining by both open pit and underground techniques over the next 18 months and optimising the design of the process plant to maximise metallurgical recovery and produce copper cathode.
Despite making two significant discoveries in Saudi Arabia since 2008, KEFI accelerated its progress in the past 18 months due to the Saudi government’s regulatory overhauls.
“During the past 15 months, we have been granted 14 new exploration licences, about three times what we were granted in the previous 13 years, including five new licences in January 2023. This demonstrates the seriousness of the country’s commitment to the development of the minerals sector,” the statement said.
(Writing by P Deol; Editing by Anoop Menon)
