KEFI Minerals plc (LON:KEFI) has received formal confirmation that a £2.5mln equivalent VAT refund from the Ethiopian authorities is now with the appropriate department for payment.
The group will use the funds alongside a £5.6mln fund raise recently, to provide additional working capital while it arranges the US$150-160mln needed to build the Tulu Kapi gold mine in Ethiopia.
WATCH: KEFI in "heavy lifting stage", says chairman ...
Harry Anagnostaras-Adams, executive chairman: “The £5.62mln fundraising during the quarter ensured we stayed on track by supporting the working capital needed to fund activities for the next 12 months as we look to commence development of Tulu Kapi Gold project during the year.
In Saudi Arabia, its partner has lodged the preliminary Mining Licence Application for the Jibal Qutman Gold Project for formal review and refinement.