LONDON (ShareCast) - (ShareCast News) - Kefi Minerals believes it is on track to start producing gold in 2017.
The AIM listed company posted a third quarter update on Monday, reporting on progress at the Tulu Kapi gold project in Ethiopia and the Gold & Minerals Ltd Joint Venture in Saudi Arabia.

It noted that its Definitive Feasibility Study found that gold production in the Ethiopia site would be at 960,000 ounces over 13 years.

It also calculated that the cost per ounce of gold would be $760.

They have also appointed Sedgman Ltd and African Mining Services as preferred contractors for the start of the operation.

Under the contract terms, it's now expected gold production would be in 105,000 ounces per annum for the first five years.

In Saudi Arabia, technical studies and sampling is underway in the company's joint venue, as it prepares a Mining Licence Application.

KEFI Minerals chairman Harry Anagnostaras-Adams said it's been a quarter of significant progress on the ground.

"At our fully-permitted Tulu Kapi gold project, we tabled the 2015 DFS for financier review on schedule and on specification.

"Having just appointed the project contractors, we can now trigger the formal funding approval processes.

Anagnostaras-Adams said the company is now focusing on finalising full development funding for Tulu Kapi and commencing development activities for gold production in 2017.

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