The Saudi situation has only got more and more growth-oriented as a whole country for this sector and as has the Gold and Minerals agenda of its own. It's got more and more growth-oriented. Those two projects are demonstrating that and our growth in license holdings and plans to expand it further also reflect all that.
Hello, you're watching Proactive. Joining me is KEFI Gold and Copper Executive Chairman, Harry Adams. Harry, very good to speak with you. What is the enhanced resources update for the Hawiah project mean for the project specifically?
Well, it means the combined resources of the four metals reported is about 3 million oz gold equivalent. Given that the strike length that we've so far tested is about half the available strike length. Given the new licenses that have been awarded to us, it means obviously the potential is to double it, but we have to do the work. It's now you know reinforced its position, that project, as a top development asset for Saudi, and I think reinforced our position through Gold and Minerals, our company there, as the leading explorer in Saudi Arabia.
Is there an update coming for the Jibal Qutman project also?
Yes. As foreshadowed, it's also coming. We've run it through the same independent process for, you know, corporate belts and braces reasons, given all the, you know, transactional activity we're contemplating around these assets, so that's coming as well. It was a 700,000 oz resource at Jibal Qutman, and we've already indicated to our shareholders that that's expected to increase and also improve its resource classifications also, as done at Hawiah, and that still remains the case. That'll be unfolded and reported as it becomes due from all these sign-offs.
Harry, do these updates change any of KEFI's plans?
Not at all. Quite the contrary, really. Obviously, we weren't you know oblivious to how things were going on those two projects. We didn't need independent sign-offs to tell us how they were doing. Yes, we started setting the scene for our current action plan well over a year ago with management changes in Saudi and with you know a refocus slightly to speed certain aspects of the business plan up. That's all proceeding. The Saudi situation has only got more and more growth-oriented as a whole country for this sector and as has the Gold and Minerals agenda of its own. It has got more and more growth-oriented.
Those two projects are demonstrating that and our growth in license holdings and plans to expand it further also reflect all that. No real changes at all on to Gold and Minerals' plan as was laid out as objectives, and they're coming to fruition. Pardon me. KEFI itself, I think is you know, opening up choices for its own decision-making as to how it allocates capital. Obviously, the London share market is less interested in development funding than it was a decade ago, and therefore our focus on development funding at the subsidiary and regional level is only well served, I think by the results of this growth in the resources.
It just gives us more choices, I think, and allows us to pursue our business plan better.
Harry, I'm aware that many African banks are in Addis Ababa this week as a large African Union meeting of all member states. Were KEFI's banks present and any risk reports for your project financing?
It's a very big week, pardon me, in Addis Ababa. The atmosphere for Ethiopia specifically, obviously all the member countries have come here to discuss Africa-wide issues. From our own particular perspective on Ethiopia and our sector in Ethiopia, it's been, I suppose, a refreshing reinforcer that Ethiopia is palpably positive and taking off, sort of firing on all cylinders. There's been a number of new deals, developments announced for Ethiopia just in the last few days as a part of that. Also in the public domain, you know, large initiatives being taken by the country. All reflecting that, you know, until the exchange control changes and floating of the currency, I think many multinationals, if not most, were looking to get their capital out of the country.
I'm well aware that that's flipped to 180 degrees because they have got their capital out of the country. The country is taking off with these wide-ranging economic reforms for encouraging the private sector. All of them that I know of, all the multinationals that I know of, actually putting money into the country now because of the takeoff of the country. As a sort of a thank you for the country relieving the capital controls that they were frustrated about previously. It's all good stuff really. It's about time, you know. It's been a long time coming and we can say all these things, but it's refreshing. Our particular banks, yes, they're in town, have been for some days and yes, multitudes of meetings.
Nothing sort of changes the plan and the momentum remains in place as we've publicly outlined. That's all been comforting, you know, to all of us on the ground here in Ethiopia. Yeah.
Harry, I hope you'll keep us posted on developments on both of those fronts. Thank you very much for speaking with us today.
Thank you.
That's KEFI Gold and Copper Executive Chairman, Harry Adams.