KEFI Gold and Copper’s Saudi joint venture (JV) Gold and Minerals Company (GMCO) has given conditional approval for the development of Stage 1 of the Jibal Qutman Gold Project in Saudi Arabia.
The investment, estimated at approximately $87m, remains subject to outstanding procedural steps, including the grant of a mining licence from Saudi Arabia’s recently appointed Minister of Industry and Mineral Resources.
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GMCO is 87% owned by the Saudi industrial conglomerate ARTAR, with KEFI holding the remaining 13% interest in the JV.
The targeted start for development is the fourth quarter of 2026.
According to the definitive feasibility study, Stage 1 (JQ1) will involve an oxide-ore operation using carbon-in-leach (CIL) processing, with projected gold recovery of approximately 258,000 ounces (oz) over seven years.
The company expects around 50% of the needed capital to be raised through equity contributions, with the rest potentially sourced from other financing arrangements.
KEFI’s estimated share of this initial phase is $10m to $12m over 24 months, if provided fully as equity.
KEFI executive chairman Harry Anagnostaras-Adams said: “The conditional approval of the development of Jibal Qutman Stage 1 is an important milestone for GMCO and for KEFI’s interests in Saudi Arabia.
“With the remaining procedural requirements expected to be completed shortly, we look forward to the commencement of development during the fourth quarter of this year.”
GMCO estimates that, based on gold prices of $3,000 to $5,000 per ounce, the mine’s post-tax net present value could range from $141m to $275m with an internal rate of return between 23% and 60%.
Cash flow from JQ1 is intended to help underpin further exploration and phased expansions across GMCO’s projects.
The joint venture’s total Saudi Arabian mineral resource stands at around four million ounces (moz) of gold equivalent, with further staged developments planned at both Jibal Qutman and the Hawiah Copper-Gold Project.
The 2025 mineral resource estimate (MRE) for Hawiah consists of indicated and inferred open pit and underground reserves, including 297,000t of copper, 310,000t of zinc, 745,000 gold ounces and 11.6 million silver ounces.
GMCO operates independently with dedicated management and oversight from both shareholders.
In June 2026, KEFI signed a mining services contract worth more than $400m (€349.55m) with BCM Group for its Tulu Kapi Gold Project in Ethiopia.
