News blog
Kefi Minerals
- BY: Andrew Hore |
- POSTED: 27/07/2016 |
Kefi Minerals is raising £3.8m at 0.5p a share.
The share price fell 0.02p to 0.53p. Odey Asset Management will increase its shareholding significantly to 29.5%.
Kefi currently has working capital of £2.2m and the combined cash pile will be used to develop the Tulu Kapi gold project in Ethiopia. That includes the resettlement of the local community. Some will be spent on projects in Saudi Arabia, including the Jibal Qutman open pit heap-leach mine in Saudi Arabia.
Kefi is targeting open pit production of more than 100,000 ounces of gold in 2018.
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