KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) has received confirmation of conditional final credit committee approval from the lead lender on the US$320 million finance package for the Tulu Kapi gold project in Ethiopia.
Other key syndicate members including lead contractors and lead equity parties had all already given conditional approval.
KEFI said it is now undertaking a social engagement programme with the local community alongside detailed definitive documentation for signing between the project syndicate financiers.
A full project launch, including funding drawdown, is on course for the first half of this year subject to final approvals.
Harry Adams, Kefi’s executive chairman, said: "The Ethiopian government and the lead syndicate members of our high-grade Tulu Kapi Gold Project have been working hard to support our project launch.
"By the end of 2023, we had updated all independent technical due diligence and reaffirmed conditional approvals by all lead members of the Project syndicate, including conditional final credit committee approval of the lead lender.
"This has now given us the confidence to trigger preparations for Project launch, including progressing the approvals by the other syndicate members, preparing security and community.”