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earlier this week outlined a transformational shift in its business as it moves decisively toward becoming a multi-asset gold producer, according to comments made by executive chairman Harry Anagnostaras-Adams. The company released a detailed regulatory update to clarify how materially its position has changed in recent weeks. Anagnostaras-Adams, in a Proactive interview, said KEFI now has funding in place to develop the Tulu Kapi project in Ethiopia with “barely any reliance on shareholders,” marking a key inflection point in its development strategy. Here, we take a closer look what Adams said. Proactive: Harry, very good to speak with you and Happy New Year. What were the main points of last week’s highly detailed and long RNS? Harry Anagnostaras-Adams: Happy New Year. The company is a different company today than it was a month ago, so it was important to spell that out in detail. This was partly in response to questions we received and partly as a matter of due process. The main point is that we now have the money to develop the Tulu Kapi project with barely any reliance on shareholders. Secondly, the principal contractor and our teams in-country have been triggered, and the community, government and other stakeholders are all aligned and pushing hard to deliver on their responsibilities. This is a transformational moment. KEFI has moved from being an aspiring developer in a frontier market to being an active developer in a market that is now taking off and experiencing a gold rush during a strong metals bull market. Proactive: Harry, we’re used to seeing you as KEFI, but who are the other key parties involved in Ethiopia? Harry Anagnostaras-Adams: I’m the spokesman, but this is not a one-man band. We brought in a development managing director last year with extensive operating experience, along with a finance director, project manager and social and environmental manager. Most of the wider team is Ethiopian and has been groomed for these roles. It is a bespoke and highly experienced team. Proactive: Launching the Ethiopian flagship project is the key news item, so why include details on Saudi Arabia? Harry Anagnostaras-Adams: A single-asset developer carries systemic risk. In KEFI’s case, the company is moving toward having three mines producing and contributing to shareholder wealth. Instead of being a one-legged stool, it becomes a three-legged stool, which fundamentally changes the risk profile for shareholders. Proactive: How does KEFI deliver Saudi Arabia alongside Ethiopia? Harry Anagnostaras-Adams: The Ethiopian team is fully focused on Tulu Kapi. In Saudi Arabia, KEFI has a joint venture with the Al Rashid family, which has its own management and governance structure. That allows KEFI to benefit from the assets without being the primary operator. Proactive: Finally, why does the RNS refer to moving to the main market in 2028? Harry Anagnostaras-Adams: The company is growing rapidly in terms of market capitalisation as it transforms into a producer. As that growth continues, KEFI will need access to a deeper and broader market, and the main board in London is the obvious destination. Continue reading
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