KEFI Gold and Copper (LSE:KEFI) confirmed it holds a 13% interest in Gold and Minerals SLA, the joint venture formed with Abdul Rahman Saad Al Rashid and Sons Company (ARTAR), as GMCO moves its first development towards a Final Investment Decision.
KEFI said GMCO has defined a JORC-compliant resource base of 3.8Moz gold equivalent across 16 licences, has made two discoveries, and has recently entered joint ventures with Hancock Prospecting and is formalising one with AJ Lan Bros.
The Jibal Qutman project hosts a 900,000 ounce JORC resource and its staged development DFS is under third-party review, a Mining Licence Application has been lodged and GMCO is advancing workstreams ahead of a hoped-for 2026 FID.
At Hawiah current resources are 36.2Mt containing 297,000 tonnes of copper, 745,000 ounces of gold, 11.6Moz of silver and 310,000 tonnes of zinc, and the Umm Hijlan licence has doubled the known strike length of the system.
GMCO’s Hancock JV has secured the Al Hajar North belt parallel to the Wadi Bidah district, and other majors have since pegged adjacent areas, underscoring regional prospectivity.
KEFI said the Tulu Kapi development financing closed with cost overrun reserves and growth capital, and going forward Saudi projects will be financed separately from Tulu Kapi using project finance, non-dilutive structures and JVs.
GMCO has been reinforced as a standalone entity with a dedicated management team and larger board, and Jeff Rayner has rejoined KEFI as Head of Exploration to prioritise and support Saudi work.
KEFI’s historical investment in GMCO is approximately US$13m, the company currently carries a nil book value for the 13% interest and is seeking independent advice on the fair market value while consulting its auditors on carrying value.
