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This week, KEFI Minerals PLC (LON:KEFI) announced that it had signed an agreement with Oryx Petroleum Corporation Limited (TO:OXC) for US$135m of lease funding for Tulu Kapi. As a result, Oryx will assume c 70% of the project’s on-site capex requirements in a form of build, own, operate and transfer (BOOT) arrangement. Following full repayment of the lease, ownership will revert to KEFI.
2017 KEFI mine plan
As a consequence of its funding announcement, KEFI has also updated its schedule of required capital investment, which has been increased by the extra financing costs required for the Oryx project funding structure (see Exhibit 3). It has also placed emphasis on its previously reported plan (outlined at the time of the release of its DFS update in May) to process mined ore at rates 10% higher than nameplate. In summary, aggregate production, throughput, etc are the same over the 10-year mine life, but we now recognise that production has been brought forward by c one year, such that mining starts six months ahead of processing in late FY19. Operating costs are selectively lower than those previously published (Exhibit 2).
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