KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) has updated on continuing preparations for the Tulu Kapi gold project in Ethiopia.
Approvals and signing of the full finance package are targeted for September.
In the meantime, KEFI confirmed that the project capital budget is US$340 million and an expanded US$240 million debt facility has now been formally offered by co-lenders.
"All work streams are progressing well, with the immediate priority being completion this month of the already in-train approval and signing process for the whole project finance package," said executive chair Harry Anagnostaras-Adams.
"This first international project finance closing for Ethiopia results from a notably collaborative effort, which has brought together hundreds of people in many public and private organisations at Tulu Kapi, in nearby regional centres, in Addis Ababa, and across multiple locations worldwide."
Equity-risk capital of about $100 million is currently being finalised, with $40 million already committed.
At the same time, field activities remain on schedule, with full development planned to start in October.
Tulu Kapi's first full-year production is expected to reach 160,000 ounces of gold from the open pit.
"Coincident with Tulu Kapi's full launch, Ethiopia is experiencing somewhat of a gold rush - gold exports this year so far jumped from under 10 tonnes of gold to over 30 tonnes," Anagnostaras-Adams said.
"Tulu Kapi stands as a showcase gold project at the heart of Ethiopia's highly prospective Nubian Shield in the Oromia Region. Every aspect of the project, social, environmental, technical, operational, financial and legal, has been designed in line with the highest international standards."
He added: "What a great accomplishment after so many years of tireless persistence by our hard-working team, to now be fortunate enough to trigger Tulu Kapi's full development at what is perhaps the early stages of a major gold market boom."