25 May 2012

KEFI Minerals in Saudi licence award

04/01/2012 Robert Tyerman

Saudi Arabia has granted two gold exploration licences to a joint venture in which AIM-quoted KEFI Minerals (KEFI) has 40 per cent.

The Gold & Minerals Joint Venture, where Turkey-based KEFI's partner is Saudi construction and investment group Saad Al-Rashid, has won the Hikyrin and Hikyrin South licences in the Central Arabian Gold Region, which is estimated to hold more than eight million oz of the yellow metal.

The two licences cover 61 sq km and 90 sq km respectively and are 30 km north of the Ar Rjum deposit, holding 2.65 million oz of gold, and the Ash Shakhtaliah deposit, with 300,000 oz of gold. KEFI's managing director Jeff Rayner says the company's geologists will start field work immediately at Hikyrin and Hikyrin South.

Floated off at 3p iun 2006 from fellow AIM counter EMED Mining (which retains a significant stake), KEFI shares have fluctuated between 9.85p and 2.65p over the past 12 months and now trade at 4.08p, up 0.025p this morning, valuing the company at £15 million. Clearly not without risk, they might repay a medium-term punt if the new licences bear fruit.

Tags: AIM market, Central Arabian Gold Region, EMED Mining, Jeff Rayner, Saad Al-Rashid

Sector: Mining

Companies: KEFI Minerals

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