Kefi Gold & Copper PLC shares dropped on Monday, as the gold and copper exploration and development company said that local press have ‘inaccurately’ referred to the loss of its Tula Kapi licence in western Ethiopia.

Shares in the Ethiopia and Saudi Arabia-focused firm fell 6.3% to 0.60 pence each in London on Monday afternoon.

Kefi said that it had received a reminder of deadline letter on Friday from the minister of mines, referring to a new June 30 deadline.

By this date, it is required to demonstrate the availability of project funding and to check compliance as regards the environment, duties and taxes, land rent, and exploration reports.

‘The company remains confident of its compliance with all regulatory requirements and also remains confident in its ability to achieve its plan as set out in its announcement dated June 15, including the signing of the umbrella funding agreement by the end of June which will demonstrate the full funding and any attaching remaining conditions,’ Kefi said.

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