KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) said that a case against the company for breach of contract has been dismissed by the English High Court with it also being awarded all of its counterclaims.
“This was the last outstanding attempt in a string of threats of interference against KEFI, all of which have now been successfully dismissed,” its statement added.
The King's Bench also noted that, prior to the matter going to Court, any claims and accusations against KEFI's Executive Chairman and the President of one of KEFI's banks were withdrawn.
KEFI added it always considered the claims to be spurious and without merit, but said: "It is nevertheless helpful that the matter has been resolved while also removing the need for independent certification of readiness for finance closing in respect of this matter".
In addition, KEFI said it had received updated detailed terms and conditions for an expanded secured loan package at US$240 million to build the Tulu Kapi gold mine in Ethiopia, instead of the previous US$190 million.
Early works for the mine construction were also being brought forward.
Harry Adams, KEFI's executive chairman, said: "We are excited to now be wrapping up preparations to launch all Major Works for our tightly risk-mitigated project.”