• The scope of work will include the Front end engineering design, fixed construction costs, the estimated cost of $63m of 1.6-1.7mtpa of feed and performance guarantees for the start up and first year of production.
• The contract compares well with the 2015 DFS which anticipated a fixed-price lump sum contract of $61m for a smaller 1.2mtpa plant not inc a fixed price and performance guarantees which might normally add significantly to the bill.
• Sedgeman’s proposal forecasts gold production of around 105,000ozpa for the first five years and sets KEFI’s peak funding requirement at $120m plus provisions for cost-overruns and finance charges.
• Finance: KEFI reckons it will fund the Tulu Kapi gold mine development at the project level using debt, gold streaming finance and $20m of project-level equity from the Ethopian government.
Conclusion: It is great to see mining companies getting better value for money out of contractors and for the mining industry to better focus on costs and delivery of value in new projects. Sedgman are a top quality name in the mining world and will work hard to protect their reputation as a leading contractor.
http://www.proactiveinvestors.co.uk/columns/...-and-others-23356.html -----------
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