KEFI Gold and Copper PLC's (AIM:KEFI, OTC:KFFLF) executive chairman, Harry Adams, recently attended a ceremony in Addis Ababa where the Ethiopian government announced a shift in focus from investment by governments to private sector growth and funding.
This was a significant development for the Tulu Kapi project, as it has been in a state of suspension due to security concerns.
However, the company has made significant progress over the past year and achieved the three key conditions precedent required for the project to launch.
These were the granting of the same rights and privileges by the two banks, the settling down of security and the lifting of banking restrictions.
The signing of a life of mine contract and a construction contract for the project worth approximately a billion dollars is a huge milestone for the company, he told Proactive.
Adams said, "There's more than sufficient expectation to warrant confidence because we can see the developments with all our eyes now."
The company is aiming to begin construction by the fourth quarter of this year, and Adams believes that this is a realistic target.