KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) told investors it has signed a US$240 million debt funding agreement for its Tulu Kapi Gold Project in Ethiopia.
The debt was jointly signed by KEFI and its co-lenders as part of the project’s total US$340 million development package, the company confirmed via RNS.
The company has also secured equity-risk capital commitments exceeding US$100 million.
Construction activities, including housing, roads, and grid connection, are already underway.
"We are delighted that the Tulu Kapi debt offering has now been signed by all the relevant parties," said executive chair Harry Anagnostaras-Adams.
"With the gold price at a record high, this is the perfect time to be launching Tulu Kapi."