KEFI (KEFI ) has appointed Maleda Bisrat as an independent non-executive director, and Alistair Clark, an existing non-executive, as deputy chairman, with effect from the closing of the company's annual general meeting on 30 June.
Ms Bisrat is the Ethiopian Country Director at the Tony Blair Institute for Global Change, leading a multidisciplinary team working closely with the government on economic reform, investment, job creation, and digital transformation.
Prior to this, she was an adviser to the Ethiopian Investment Commission supporting industrialisation, investment promotion and climate initiatives.
She is also a non-executive Director of Financial Sector Deepening Ethiopia, an agency that is helping develop accessible, inclusive and sustainable financial markets for economic growth and development, and a non-executive director of Zebidar Foundation, an organisation committed to improving quality of education for students living in underserved communities.
"I am delighted to welcome Maleda to the KEFI board,” said Harry Anagnostaras-Adams, executive chairman of KEFI Gold and Copper.
“Her extensive experience at the highest levels of Ethiopia's public and private sectors, together with her deep understanding of investment, economic development and governance, will be particularly invaluable as we advance the Tulu Kapi gold project towards production. At the same time, I am pleased that Alistair Clark has agreed to assume the additional responsibilities of senior independent director and deputy chairman. His experience and counsel has already been of great value and his expanded role will further strengthen the board as we enter what we expect to be a transformational period for the company. On behalf of the board, I would also like to thank Richard Robinson for his significant contribution to KEFI over many years and wish him every success for the future."
An AGM update on progress from Anagnostaras-Adams highlighted that in Ethiopia Tulu Kapi is about to enter month four of its 27-month development schedule, for production from mid-2028.
“The plan is that the initial open pit project will then fund mine development of the second Ethiopian project, the underground mine at Tulu Kapi, from a small portion of its net cash flows," said Anagnostaras-Adams.
"We estimate a shareholding of circa 86% of these two Ethiopian mines under Tulu Kapi Gold Mines S.C. and, combined, our initial plans target average annual aggregate production of circa 166,000 ounces. At a gold price of US$4,000 per ounce, the project is expected to see a combined all-in sustaining cost of US$1,184 per ounce, for average EBITDA of approximately US$526 million per annum over the first three years of production, with EBITDA increasing or decreasing by approximately US$86 million for every US$500 the gold price increases or decreases per ounce."
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KEFI remains on track for production in 2028, having strengthened its team with the appointment of Bisrat. Even though the gold price is moving around the margins continue to make Tulu Kapi a highly attractive proposition, with more than half a billion dollars on EBITDA per year on the cards within the next couple of years.