KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) has confirmed that full development of its Tulu Kapi Gold Project in Ethiopia remains on schedule to begin in October 2025.
"Significant progress was made in the period and KEFI is on schedule to begin the full development program of Tulu Kapi ... We have approved and expect to sign shortly the formal commitment of the project loan facilities," executive chair Harry Anagnostaras-Adams said in Tuesday's interim results statement.
And the construction contracts have been finalised for signing upon drawdown of equity which can now be finalised amongst the assembled local and regional investors."
“The boards of both co-lending banks and of the Group companies have approved and are expected to sign the formal commitment of the project loan facilities within the coming week,” Adams added.
The Tulu Kapi project has a capital budget of US$340 million, and will be supported by a US$240 million project debt facility.
In terms of financials, the pre-revenue mine developer reported a £3.79 million loss for the six months, and said it ended June with just over £1 million of cash in the bank.
Kefi shares climbed 12.8% on Tuesday, changing hands at 1.09p, valuing the business at around £100 million.