KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) said it has formally launched the Tulu Kapi Gold Mines project in Ethiopia after a decision by the board of local subsidiary TKGM, which includes representatives from the Ethiopian Federal and Oromia Regional Governments.
“This decision to launch Tulu Kapi follows the deployment of dedicated site policing and the conditional confirmations that quickly ensued from all members of the project's finance syndicate.”
An updated corporate presentation will be uploaded to the company website, KEFI said, and includes a summary of Early Works, Major Works, Key Milestones, Finance Plan and Key Economic Metrics.
Harry Adams, KEFI's executive chairman commented: “Our launch timing is fortuitously coinciding with the improved conditions in Ethiopia and all-time high gold prices.
"We can now proceed to safely complete our Early Works on schedule and satisfy all conditions precedent to drawdown full project finance as outlined, thus enabling the Major Works to commence from October 2024.
“This deliberately sequenced and disciplined approach is commensurate with being a first mover adhering to the highest performance standards in respect of safety, social, environmental, technical and other aspects.“