KEFI (AIM: KEFI) has reported that its Gold and Minerals SLA joint venture in Saudi Arabia (GMCO), has been selected as one of six companies out of 49 applicants for the Saudi Government’s Exploration Enablement Programme, designed to boost discovery and investments in the sector. This reinforces GMCO’s already-rapid growth momentum.
This also coincides with KEFI’s recently announced strategic review of its investment in GMCO. KEFI has received interest from a number of parties who are now exploring the acquisition of the company’s 15% shareholding in GMCO. As a result, KEFI has set a deadline of 28 February 2025 for the submission of proposals with indicative terms.
Saudi Government’s Exploration Enablement Program GMCO and the other five selected companies will benefit from key Saudi government support aimed at attracting high-quality investments and accelerating exploration efforts. The government has allocated US$182.6M to the EEP for the period 2024 to 2030, funding initiatives designed to enhance the sector’s global competitiveness and create long-term strategic value.
This initiative seeks to expand the exploration of strategic minerals in underexplored regions, mitigate investment risks in the mining sector, and improve the reliability of technical data. So far, the programme has achieved significant milestones, including geophysical surveys spanning 9,500km2, the collection of 57,000 geochemical samples, and 440,000m of drilling. The programme aims to further strengthen the successful applicants’ proven dedication to exploration.
GMCO is the only private sector company in Saudi Arabia to have achieved significant discoveries and advanced them into development studies since its incorporation in 2008. GMCO has one of the largest exploration teams in the Kingdom and has built a large proprietary database.
KEFI Executive Chairman, Harry Anagnostaras-Adams commented: “KEFI takes great pride in GMCO’S vision and achievements since forming the company in 2008 alongside its partner, ARTAR. The prestigious and valuable award of government support for exploration is a testament to the exceptional quality of the team’s work and performance.”
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