KEFI Minerals (LON:KEFI) said it remains on schedule with its plans for the Tulu Kapi gold project in Ethiopia, which should begin commissioning towards the end of next year.
Key among the recent milestones has been short-listing of potential mine contractors and firms interested in constructing Tulu Kapi.
It also said the recently-overhauled definitive feasibility study had been reviewed by independent consultants as well as taking on board the comments of short-listed potential financiers.
The plan is to have the financing in place at some point this quarter, with major works starting in the final three months of 2105.
Tulu Kapi will be an open-pit mine excavating 80-90,000 ounces of gold a year at an all-sustaining cost of US$779 an ounce – making it a lowest quartile producers in the world.
"KEFI is moving forward according to the plan as agreed with the Government of Ethiopia and as laid in the past out to our shareholders,” said chairman Harry Anagnostaras-Adams.
"We appreciate the considered and punctual responses received from short-listed project contractors, will soon make our selections thereof and then move onto optimising the financing structure with the preferred contractors, the government of Ethiopia and, of course, the short-listed financiers."