Kefi Minerals losses widen on higher costs


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Gold exploration and development company Kefi Minerals reported wider losses on rising costs.

For the year ended 31 December 2019, pre-tax losses widened to £5.6m from £5m on-year

Looking ahead, the company said it would continue to progress its plan to drill the Tulu Kapi mine - located in Ethiopia - in 2021.

'During construction, we will appoint the plant and mine managers and they will continue to refine the 2020 Tulu Kapi Plan in light of 2021 grade-control drilling in the first mining zones and we will review the cut-off grade which was based on what now appears to be an overly conservative gold price of US$1,098/oz,' the company said.

At 9:54am: (LON:KEFI) KEFI Minerals PLC share price was -0.14p at 0.85p

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