KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) reiterated the plan at Tulu Kapi in Ethiopia remains to launch over the next few months in line with the country's government's continued upgrade of security protections and preparation of the community.
The state of emergency in the region of Amhara is in respect of local issues, which are not expected to disturb Tulu Kapi's (TKGM) launch, it said in a scheduled quarterly update.
Regional finance of US$320 million to build Tulu Kapi has been arranged through debt and equity development capital, in addition to which the mining contractor is supplying the required US$70 million mining fleet, said the statement.
KEFI added: “We consider TKGM to now be essentially fully permitted, with funding assembled and ready for final credit committee and board approvals of our banks and project investors, who have already drafted proposed final funding package documentation.”
Timelines for Tulu Kapi and other projects are now:
- 2023 - launch of Tulu Kapi open-pit in Ethiopia for first production end-2025
- 2024 - launch of Jibal Qutman Gold open-pit in Saudi Arabia for first production end-2025
- 2025 - launch of the Hawiah Copper-Gold open-pit in Saudi Arabia for first production 2027
- 2026 - and thereafter launch of underground mine development at Tulu Kapi and at Hawiah for first production two years later