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Kefi Minerals books annual loss amid Ethiopia project delays

By BFN News | 01:54 PM | Wednesday 05 June, 2019

Kefi Minerals booked a full-year loss as it attempted to progress its delayed flagship Tulu Kapi project in Ethiopia. Pre-tax losses for the year through December amounted to £5.0m, compared to losses of £6.3m on-year. '2018 was a year of two halves for Kefi,' chairman Harry Anagnostaras-Adams said. 'Whilst the first half was orientated around consolidation as Ethiopia exited its states of emergency, the second half was one of significant development and progress as the company formalised its strategic partnerships with the government of Ethiopia and Ethiopian investors at the asset level of its flagship Tulu Kapi project.' 'Accordingly, Kefi now finds itself in the enviable position that, subject to receiving a confirmatory letter from the Ethiopian central bank as regards already-agreed project finance terms, we will have received all regulatory consents and financial commitments to trigger the development program at Tulu Kapi with our project contractors Lycopodium and Ausdrill.' 'This may have taken longer than we had hoped, but the management team of Kefi remain resolute in their belief that, despite the historic delays, our Tulu Kapi project continues to be a very attractive near term production project, with significant additional upside.' At 1:54pm: (LON:KEFI) KEFI Minerals PLC share price was -0.06p at 1.42p Story provided by

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