[miningmx.com] – UK-listed KEFI Minerals is to mine gold and silver in Ethiopia after taking over the exploration rights of the Tulu Kapi project from Australia’s Nyota Minerals, said Reuters.
Under the 20-year agreement, KEFI plans to mine for both gold and silver over an area of 7 square kilometres. The company told Reuters that it aimed to produce 28.6 tonnes of gold over 11 years.
“Production will be in 2017, and 2016 will be the year of construction,” KEFI Chairman Harry Anagnostaras-Adams said at the signing ceremony in the Ethiopian capital.
“We hope this mining of gold and silver will contribute to our national economy, especially in foreign currency,” mines minister, Tolesa Shagi said, adding he expected the firm to deliver revenues of $1.6bn to the state over 11 years.
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