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Kefi stocks up on managers

Ethiopia-focused Kefi Minerals (LN:KEFI) has hired former Billiton managing director David Munro and two of his consultant colleagues to help build the Tulu Kapi gold project.
Kefi stocks up on managers Kefi stocks up on managers Kefi stocks up on managers Kefi stocks up on managers Kefi stocks up on managers

This will be the new view for Kefi's new hires

Staff reporter

From March, Munro will be head of operations, Eddy Solbrandt will be head of systems, and Brian Hosking HR and technical planning chief.

The three will be paid half in Kefi shares.

The company also announced it would be issuing 12.6 million new shares to "certain directors and senior managers" at an exercise price of £0.045 (US$0.006) per share.

The current price is £0.036/share.

CEO Harry Anagnostaras-Adams, finance director John Leach, non-executive director Norman Ling and the three new hires all received 1.2 million shares, and Ethiopia MD Wayne Nicoletto netted 2.4 million.

Anagnostaras-Adams said the men from International Mining Performance would make a real difference.

"Their experience will be invaluable to Kefi as we build our first mine and grow from there in the Arabian Nubian Shield," he said.

Earlier this month, Kefi said it had parted ways with its finance partner, which was to issue bonds to fund Tulu Kapi.