Kefi Minerals, the gold and copper explorer, announced the formation of its new minerals exploration joint venture, Gemco Limited with leading Saudi construction and investment group Abdul Rahman Saad Al-Rashid & Sons Company (ARTAR) Kefi is the operating partner with a 40 percent shareholding of GEMCO with ARTAR holding the other 60 percent. ARTAR is a conglomerate investing in different sectors in Saudi Arabia such as construction, real-estate, agriculture and health care in Saudi Arabia and abroad. GEMCO's primary target will be the discovery and development of a 1 million plus ounce gold deposit in the under explored Precambrian Shield in Saudi Arabia, Kefi said in a press release. The venture follows recent amendments to mining investment regulations implemented by the Saudi Arabian government to attract foreign exploration companies to develop its mining and mineral industry. Analysts said this is a good move for Kefi as Saudi Arabia has a very prospective geology and the government is looking to lower its dependence on oil. Citadel Resource is another minerals exploration and development company, focused on gold and base metals in the Arabian Shield. The Arabian Shield is another highly prospective minerals province, and Citadel has secured quality exploration licenses in mineral rich areas.
