Tulu Kapi DFS

The Tulu Kapi 2015 Definitive Feasibility Study (“2015 DFS”) evaluated a conventional open-pit mining operation with a 1.2Mtpa carbon-in-leach (“CIL”) processing plant. The 2015 DFS was released in August 2015 and the full study is available for download (21MB pdf).

Following the positive 2015 DFS and the engagement of Lycopodium Minerals Pty Ltd (“Lycopodium”) as the engineering, procurement and construction contractor for the construction of the processing plant, Lycopodium completed in 2016 a Front-End Engineering Design Study (“FEED Study”) for the design and construction of an integrated 1.5Mtpa ore processing facility for Tulu Kapi.  

Lycopodium prepared the 2017 DFS Update which incorporated due diligence and refinements since the 2015 DFS. The 2017 DFS Update was released in May 2017 and the full report is available for download (23 MB pdf).

In May 2018, KEFI announced further increases to the planned production rate of the Tulu Kapi Gold Mine:

  • Process plant capacity increased to 1.9-2.1Mtpa.
  • For the first seven years of production from the open pit:
    • Gold production to average 140,000 oz pa; and
    • Net operating cash flow of US$73M pa (at a gold price of US$1,300/oz).
  • Total forecast gold production remains 980,000 oz from the open pit
  • All-in Sustaining Cost remains less than US$800/oz

The same Mineral Resources and Ore Reserves underlie the production schedules in these three studies.

Key mining and financial parameters from these studies are summarised below:


2015 DFS

13-year LOM

(owner mining)

2017 DFS Update

 10-year LOM

(contract mining)

2018 Plan

 8-year LOM

(contract mining)

Waste:ore ratio




Processing rate warranted




Total ore processed




Average head grade

2.1g/t gold

2.1g/t gold

2.1g/t gold

Gold recoveries




Annual steady-state gold production

95,000 ounces

115,000 ounces

140,000 ounces

Total LOM gold production

961,000 ounces

980,000 ounces

980,000 ounces





All-in Sustaining Costs




All-in Costs (incl. initial capex)




Average net operating cash flow

$50M p.a.

$60M p.a.

$73M p.a.


3.5 years

3 years

3 years


- The above metrics assume a gold price of $1,250/oz for the 2015 DFS and $1,300/oz for the 2017 DFS Update and 2018 Plan.
Life of Mine (“LOM”) is the time to mine the planned open pit only.
Gold production and net operating cash flow are for the first eight years of gold production.

KEFI also targets further increases in Tulu Kapi’s gold production with the addition of an underground mine operating concurrently with the open pit.