KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) told investors that early works at the Tulu Kapi site in Ethiopia are progressing well, as the project funding syndicate advances towards an investment approval.
The company, in a statement, said that security inspections have been satisfactorily completed and no further inspections are required by project funding members prior to investment approval.
Ongoing local consultations with stakeholders have been positively received and preparations for community resettlement are underway.
On the financial front, the Ethiopian government has indicated its readiness to provide all necessary ratifications for the project, while KEFI said it continues to focus on securing the equity portion of the project financing.
"We steadily work through the early works programme and preparing for the launch of major works,” executive chair Harry Anagnostaras-Adams said in a statement.
“We remain on track for entering into definitive commitments from the funding syndicate next month, enabling financial close and triggering of the major works.
“We are grateful for the support and collaboration being received from the community, government agencies and our project syndicate.”
The KEFI chair, meanwhile, noted that the gold price ‘keeps setting new record highs’ and Ethiopia recently re-joined the world's top ten growth countries.