Karobar Pakistan’s Post

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. Watch at #Proactive #ProactiveInvestors #kefigoldandcopper http://ow.ly/ltEt105pgmW

KEFI Gold and Copper said it has formally launched the Tulu Kapi Gold Mines project in Ethiopia after a decision by the board of local subsidiary TKGM, which includes representatives from the Ethiopian Federal and Oromia Regional Governments. “This decision to launch Tulu Kapi follows the deployment of dedicated site policing and the conditional confirmations that quickly ensued from all members of the project's finance syndicate.” An updated corporate presentation will be uploaded to the company website, KEFI said, and includes a summary of Early Works, Major Works, Key Milestones, Finance Plan and Key Economic Metrics. Harry Adams, KEFI's executive chairman commented: “Our launch timing is fortuitously coinciding with the improved conditions in Ethiopia and all-time high gold prices. "We can now proceed to safely complete our Early Works on schedule and satisfy all conditions precedent to drawdown full project finance as outlined,... More at #Proactive #ProactiveInvestors http://ow.ly/NOCm105tJ8c

🌟 Here's a snippet from the KEFI Gold and Copper plc interview with focusIR. KEFI has launched its Tulu Kapi Gold Project in Ethiopia, with production expected in mid-2026. ⛏️🌍 Executive Chairman Harry Anagnostaras-Adams explains why it’s taken 15 years to reach this point and why 2024 is the right time to launch, citing international and national geopolitics and the gold price. 📈 Tulu Kapi is projected to deliver up to 200,000 ounces of gold and silver annually, potentially generating £100m net profit per year at current prices. 💰 KEFI also has two projects advancing in Saudi Arabia, with significant potential. 🇸🇦 Key points: Potential for 200,000 oz/year from Tulu Kapi 🌟 Possible £100m net profit per year 💷 Status of other projects 📊 Management’s dividend strategy 📉 $1 billion commitment to Tulu Kapi 💵 Harry concludes, “The timing couldn't be better for us to deliver against this opportunity.” 🎯 #KEFI #Gold #Copper

Reko Diq: A Long Road with Little Progress Discovered in the 1990s, Reko Diq promised to be a major copper and gold mine for Pakistan. Initial agreements outlined a partnership with a mining company, but legal and financial disputes led to a lengthy international arbitration process. Finally, in 2022, Pakistan settled with Barrick Gold to revive the project with a $10 billion investment and shared ownership. This ownership structure has been in flux. Originally, a 50/50 split with Barrick Gold was planned, but recent talks involve Saudi Arabia acquiring a 15% stake, reducing Pakistan's overall share to 35% (10% federal, 25% Balochistan province). This ongoing search for partners reflects the project's financial uncertainties. The delays are significant. Had the project begun decades ago, Pakistan could have reaped billions in annual revenue. The current situation raises concerns about missed opportunities due to past issues within Pakistan's governance and policies that may have deterred foreign investment. #pakistan #pakistannews #pakistaneconomy #pakistanstockexchange #rekodiq #karachi #lahore #islamabd #oilandgas

Pakistan plans to sell a 15% stake in the Reko Diq project to Saudi Arabia after Barrick Gold Corporation declined. This reduces Pakistan's overall shares from 50% to 35%, with Balochistan's stake remaining at 25%. Pakistan will become a minority shareholder in the project, with the federal government's shares dropping from 25% to 10%. Officials believe Pakistan's experience in joint ventures suggests being a minority shareholder won't pose challenges. Existing clauses prevent Barrick Gold from making significant decisions alone, giving Pakistan leverage. Saudi Arabia's involvement is expected to boost Pakistan's investment climate amid declining ratios. Saudi Arabia intends to increase stakes in more Reko Diq blocks. A formal announcement is imminent following a valuation report. The signing of the Free Trade Agreement (FTA) with the GCC is crucial, providing arbitration rights. Pakistan accepts recourse to international forums in investment disputes. Negotiations with Saudi Arabia have progressed well. #Pakistan #SaudiArabia #InvestmentDisputes

Pakistan plans to sell a 15% stake in the Reko Diq project to Saudi Arabia after Barrick Gold Corporation declined. This reduces Pakistan's overall shares from 50% to 35%, with Balochistan's stake remaining at 25%. Pakistan will become a minority shareholder in the project, with the federal government's shares dropping from 25% to 10%. Officials believe Pakistan's experience in joint ventures suggests being a minority shareholder won't pose challenges. Existing clauses prevent Barrick Gold from making significant decisions alone, giving Pakistan leverage. Saudi Arabia's involvement is expected to boost Pakistan's investment climate amid declining ratios. Saudi Arabia intends to increase stakes in more Reko Diq blocks. A formal announcement is imminent following a valuation report. The signing of the Free Trade Agreement (FTA) with the GCC is crucial, providing arbitration rights. Pakistan accepts recourse to international forums in investment disputes. Negotiations with Saudi Arabia have progressed well. 

In the coming month, Saudi Arabia is poised to inject up to one billion dollars into the Reko Diq Copper Gold project located in Balochistan's Chagai district. The Special Investment Facilitation Council is actively working to iron out any hindrances to this substantial investment, underscoring the commitment to fostering economic development and partnership. To facilitate the smooth execution of Saudi investments, the Prime Minister is set to establish a committee within the Finance Ministry, comprising all pertinent stakeholders from the country. This proactive approach aims to ensure effective coordination and cooperation among key players, streamlining the investment process for optimal outcomes. The envisioned Saudi investment marks a significant milestone in Pakistan's mining sector, with plans for further collaboration between Pakistan and Saudi Arabia in the realm of mining. Such partnerships are crucial for harnessing the immense potential of resources like the Reko Diq project, contributing to economic growth and prosperity for both nations. #saudiarabia #pakistan #project

Pakistan and Saudi Arabia have reached a tentative agreement to sell Islamabad’s 15% shares in the Reko Diq project to Saudi investors, reports The News. This decision comes after Barrick Gold Corporation declined to sell its stakes in the multibillion-dollar project. With this development, Pakistan’s overall shares in the Reko-Diq project are anticipated to decrease from the current 50% to 35%. Out of this 35%, the Balochistan government will retain its existing 25% share, while the federal government’s State-Owned Enterprises (SOEs) stakes will decrease from 25% to 10%. According to official sources, Pakistan will become a minority shareholder in the project following this move. They cited the country’s experience in running joint ventures with international players, such as in the case of PTCL and the banking sector, as a factor informing this decision. Additionally, there are clauses in the existing agreement with Barrick Gold that prevent unilateral major decisions, especially regarding investments. Pakistan can invoke these clauses in case of urgent needs, sources added. #Pakistan #saudiarabia #news

KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) says it is making good progress with the early works programme at its Tulu Kapi mine in Ethiopia ahead of the receipt of final approval for full construction to start. The early works programme will run through September 2024 and provide the basis for full financial close and commencement of Major Works in October 2024, ahead of the commissioning of production in mid-2026, according to a statement. KEFI added that along with its banks, its executives are in regular contact with the relevant government officials to resolve the remaining few administrative issues. An internal corporate re-organisation is being implemented to facilitate closing with regional investors and, in due course, the local stock exchange listing of securities issued to locals by the Ethiopian holding company, Tulu Kapi Gold Mines Share Company (TKGM). Subject to the finalisation of full project... More at #Proactive #ProactiveInvestors http://ow.ly/oG5w105A60C

Discover how Saudi Arabia's 'Vision 2030' demands and propels investment in the nickel supply chain. 🚀🔗 Learn more about this ambitious plan and its impact on the nickel in this Fastmarkets article: https://okt.to/HN97nu #Fastmarkets #nickel #SupplyChainLogistics