KEFI Gold and Copper Plc

KEFI Gold and Copper has signed a mining services contract worth more than $400m with BCM Group for its Tulu Kapi Gold Project in Ethiopia. The nine-year agreement covers provision of the mining fleet, training and managing locally recruited operators, and oversight of full mining activities under the supervision of KEFI's Ethiopian subsidiary, Tulu Kapi Gold Mines Share Company. The deal was signed in London during the first Ethio-British Investment Forum, attended by Ethiopia's Minister of Foreign Affairs, Gedion Timothewos Hessebon. BCM had already mobilised in Ethiopia for bulk earthworks and drilling, and the contract now enables it to order and deploy a Caterpillar mining fleet for full-scale operations. The Tulu Kapi project has a probable ore reserve of 1.05 million ounces and total mineral resources of 1.72 million ounces of gold.