KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) said detailed definitive agreements about project financing for its Tulu Kapi project in Ethiopia are in near-final form with contractors, equity investors and government agencies.
Agreements for the lenders have also been drafted, but await credit committee approval by the co-lender before finalisation.
Independent confirmation of compliance with international banking standards has also been received for the updated technical due diligence and security, added the statement.
Based on a gold price of US$2,020 an ounce, KEFI added the estimated net present value for the project at an 8% discount is US$377 million at construction start and US$588 million at production start.