- KEFI Minerals has announced updated financial projections reflecting plans to expand production.

It said that in the meantime, it continued to prepare for finance closing with mandated financier Oryx Management and the other consortium members the government of Ethiopia, Ausdrill and Lycopodium.

It said production plans had been re-cast and the average annual gold production in years 1-3 was estimated to expand from c. 115,000 ounces to c. 145,000 ounces per annum.

It said: 'At a flat $1,250/oz gold price, the payback period is about 3 years.

'This forecast is derived by management in consultation with its advisers and will continue to be refined as we approach start-up, during the 2018 operational readiness phase along with detailed engineering and procurement.'

Executive chairman Harry Anagnostaras-Adams said: 'The Tulu Kapi gold project consortium is implementing its finance closing procedures and the refined financial projections announced today reflect recently resolved expansion plans.

'Projected annual gold production has been expanded from approximately 115,000 ounces to 144,000 ounces per annum for the first three years. Measures of return have improved accordingly and indicate significant targeted value up-lift for shareholders under any modelled scenario.'

At 9:12am: [LON:KEFI] KEFI Minerals PLC share price was +0.03p at 4.5p

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