- KEFI Minerals posts an operating loss of £22,837,000 for the year to the end of December - down from £23,500,000 in 2014.

Revenues were nil - unchanged from last time . The pre-tax loss fell to £23,206,000 from £23,963,000.

Executive chairman Harry Anagnostaras-Adams said: "2015 was a game changer for KEFI Minerals as it made substantial progress towards becoming a gold producer and continued to make discoveries in one of the world's great under-developed minerals provinces - the Arabian-Nubian Shield.

"In Ethiopia, we completed the DFS, received the Mining Licence and received unprecedented support from the Government of Ethiopia as it marked its approval of the Tulu Kapi project by committing a US$20m equity stake. In Jibal Qutman, we increased the Mineral Resource and produced a positive Preliminary Economic Assessment. As a result, the Board is confident of our strategy and asset base. We have the appropriate mix of technical and financial expertise to prudently progress our projects into profitable gold mines with the aim of maximising and returning value to shareholders via share price appreciation and, ultimately, dividends."

KEFI Minerals also announced that the previously preferred engineering, procurement and construction contractor for the Tulu Kapi project has been replaced with market-leader Lycopodium Ltd resulting in better proposed financial terms and an unchanged timetable.

Anagnostaras-Adams said: "The Board is always mindful of costs and continues to look for every opportunity to de-risk the Tulu Kapi project whilst keeping the project on track. We are fortunate that Lycopodium's proposal not only makes the financial terms better but they have committed to adhere to the current timetable. They have an excellent track record in building gold plants in Africa and their appointment is welcomed by the other syndicate members."

KEFI says Lycopodium is the clear market leader for taking this project to the next stage, with a track record of success in building gold plants in many African countries for over 20 years, and also in its home country, Australia, and elsewhere.

Its terms of engagement as the preferred EPC contractor are reflected within KEFI's most recently reported cost estimates for construction of the processing facilities (see announcement of 2 June 2016). Lycopodium has started work, within the previously-outlined project timetable, and is on track for construction to start Q4-16. Story provided by