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ADU ReVIeW

Kefi keeps it cool

ith plans to start production at the “The underground comes on a couple 2006, Anagnostaras-Adams said Kefi has
WTulu Kapi gold mine Ethiopia in years later, taking it up towards 200,000 spent upwards of $100 million but he ar-
2025, Kefi Gold and Copper plc executive ozpa combined,” Anagnostaras-Adams ex- gued the value it presents today warrants
chairman Harry Anagnostaras-Adams plained. “A good grade, 2.1 g/t reserve in the the investment.
has rebuffed any concerns over instability open pit and 5.5 g/t in the underground.” “The value of our projects today is many
Ethiopia may bring to business. Tulu Kapi currently holds a 1 moz ore times that in a NPV sense,” he said.
“Ethiopia has been in the news a lot more reserve at 2.1 g/t gold within a 1.7 moz “Today, we have three advanced projects
than nearly any other country in Africa, resource grading 2.7 g/t. It is expected to for development and the one in Ethiopia will
around security issues,” Anagnostaras-Ad- achieve a processing rate of between 1.9- be the first cab off the rank being DFS com-
ams said at Africa Down Under. “The secu- 2.1 mtpa. plete, contracting complete, banking com-
rity issues in Ethiopia are not unusual to the Since listing the company on AIM in plete and now going into its round-up stage
people in this room working in Africa and of the finance closing over the next couple
are much less than many other countries in of months.
Africa. I think it gets a bad rap only because “We’re well advanced with contracting,
it’s so visible and so high profile. we’ve done the banking, there’s quite a lot
“The reason Ethiopia grabs so much at- of ‘i’ dotting and ‘t’ crossing going on.”
tention is that it’s such an important country, Kefi is expected to sign the definitive pro-
it’s the base for the African Union. It’s never ject finance agreements for Tulu Kapi by the
been colonised…it’s a very powerful coun- end of this month.
try and a very proud and tough country.” A number of other projects are in the pipe-
Kefi has been operating in Ethiopia for line for Kefi after Tulu Kapi, including gold
the past eight years and anticipates bring- and copper-gold projects in Saudi Arabia.
ing Tulu Kapi to fruition after a construction The former will closely follow the Ethiopian
period starts next year. development, while the latter is targeting
The proposed 140,000 ozpa open pit production in 2026.
development will receive a boost later in its
operating life after Kefi bolsters production Harry Anagnostaras-Adams – Fraser Palamara
via the underground.

Morocco looks to diversify

orocco’s resources sector has long “The Government would like to encour-
Mbeen known as the multi-billion dollar age investments in countryside and rural
phosphate industry, supporting the major- areas.”
ity of the world’s fertiliser needs, but the TSX-listed Aya Gold & Silver is one ex-
North African country is now looking at plorer that has taken ONHYM up on this
ways to diversify its minerals output. proposal and even bought out the organi-
Speaking at Africa Down Under, Office sation’s 15% interest in the Zgrounder sil-
National des Hydrocarbures et des Mines ver mine for full ownership in September.
(ONHYM) head of division Abderrazak Aya paid roughly $US6.5 million to buy
Hamzaoul said there was a swathe of other remaining ONHYM’s stake in the project.
minerals in Morocco yet to be exploited. ONHYM retains a 3% royalty on the mine.
“Morocco has a lot of metallogenic prov- “This deal is very accretive for all stake-
inces from the north to the south, we have holders and speaks to our strong relation-
lead and zinc,” Hamzaoul said. “We have ship with ONHYM and the Government of
polymetallic [opportunities] in the centre Morocco,” Aya chief executive Benoit La
of Morocco near Marrakesh and we have Salle said.
sedimentary copper in the west. Meanwhile, Hamzaoul said Morocco
“The Anti-Atlas [mountain range] is also was continuing technological research in
rich in mineralisation for silver, gold, cop- Abderrazak Hamzaoul geothermal and natural hydrogen energy,
per and other substances.” This includes data collected through as well as improvements to potash produc-
Apart from copper, lead and zinc, Mo- airborne hyperspectral, geochemical and tion.
rocco is also prospective for gold, silver, airborne geophysical surveys. “We are in a big phase in renewable en-
tin, clays, silica sand, uranium, rare earths “We have a rich database,” Hamzaoul ergy,” he said. “There are also some tar-
and niobium. said. “What we propose for investors, we gets about natural hydrogen or geothermal
Hamzaoul welcomed prospective for- exploit all of the data acquired to process that any partner could develop.”
eign partnerships to take advantage of the them, to do the prospectivity, to develop
minerals and said the Government’s geo- the targets, to drill until we have some re- – Fraser Palamara
logical data would provide a strong support sources of projects. All of the risk of explo-
base for new projects. ration is taken by ONHYM.

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