KEFI Gold and Copper chairman says 'stars are aligning' with gold at $2,400
London, UK
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April 16, 2024 07:06 AM Eastern Daylight Time
KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) executive chairman Harry Anagnostaras-Adams tells Proactive's Stephen Gunnion that "the stars are aligning" as gold continues to reach record highs as the company prepares to trigger production at its Tulu Kapi gold project in Ethiopia.
Gold at around $2,400 per ounce aligns perfectly with KEFI's plans to commence construction. This historic high in gold prices is expected to greatly enhance the company's net cash flow, with projections reaching around $90 million after expenses, Harry Anagnostaras-Adams said.
In Ethiopia, where production is expected to start within two years, the impact is most immediate and substantial, enhancing project economics significantly. Its Saudi Arabian projects, while further behind, are expected to see similar benefits in the longer term.
Anagnostaras-Adams also highlighted industry trends, noting consolidation among African gold developers and predicting a positive knock-on effect on acquisitions and asset trading due to increased cash flows for producers.
Discussing the future, he remained cautiously optimistic about maintaining high gold prices, bolstered by strong historical demand and current geopolitical tensions.
Anagnostaras-Adams concluded with updates on project approvals and progress in Ethiopia and Saudi Arabia, underscoring compliance with timelines and the beneficial effects of current commodity prices on KEFI's operations.
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