Company History

KEFI was launched as a spin-off from Atalaya Mining PLC in 2006 as a £2.5 million initial public offering (“IPO”) on the AIM Market of the London Stock Exchange. Whilst Atalaya was then focused onto copper production in Spain and Copper exploration in Cyprus via what is now Venus Minerals (“Venus”), KEFI was initially focused on prospecting in the nearby frontier markets (for modern exploration and mining) of related geological terrains.

Atalaya (AIM ticker ATYM) is now a copper producer in Spain with market capitalisation c.$650 million. Venus is now a private explorer in Cyprus with the Chairman’s regional alliance partners. KEFI is now transitioning from exploration to development, also being financed through regional alliances.

All three companies, Atalaya, Venus and KEFI were founded by Harry Anagnostaras-Adams and a team of experienced explorers and mine builders that moved over from the Australian mining industry in 2005. The original team has evolved into a Spanish team for Atalaya where modern experience was available locally, and a multi-cultural combination for Venus and KEFI, with most people based at project sites.

Since 2008, the highly prospective Arabian-Nubian Shield has been the Company’s primary focus when it commenced exploration activities in Saudi Arabia. KEFI has spent about US$100 million on exploration and studies and today has advanced projects in Saudi Arabia and Ethiopia plus a pipeline of exploration projects in both jurisdictions. 

In 2013, KEFI acquired its flagship Tulu Kapi Gold Project in Ethiopia. This majority-owned KEFI project boasts robust economics and, based on US$2,400/oz gold, at construction start, the project demonstrates a levered IRR of 64.7% and a levered NPV5 of US$690 million. The levered NPV5 rises to US$887 million at the start of production.  

KEFI’s shareholding in the Saudi Arabia joint venture company (Gold and Minerals Company “GMCO””) has reduced to 15% as that company has built a huge exploration and project pipeline in Saudi Arabia, where the Company we created, GMCO, is the industry leader in discovery and project creation over the past decade.

In 2020, the Company changed its name from KEFI Minerals to KEFI Gold and Copper.