logo-loader
MiningGold & silver
KEFI Minerals PLC

KEFI updates on Tulu Kapi progress

Work on KEFI's Tulu Kapi gold project in Ethiopia is continuing

1534231256_gold_bars,_sized.png
Tulu Kapi will be one of Ethiopia's largest mining projects

KEFI Minerals plc (LON:KEFI) has appointed a Head of Project Implementation to oversee development of the company’s Tulu Kapi gold project in Ethiopia.

A construction oversight team has also been appointed and has begun to engage with the principal project contractors Lycopodium and Ausdrill.

READ: KEFI Minerals has start of Tulu Kapi construction in sight

Meanwhile, financing arrangements that will bring in a local partner at the project level are proceeding. The local syndicate will provide US$30mln in equity investment to complement the US$20mln equity investment by the government of Ethiopia.

That will leave KEFI with around 54% of Tulu Kapi. In aggregate with equity already invested in the project, total project equity capital investment is expected ultimately to exceed US$110mln.

"Work continues methodically to prepare for the Tulu Kapi Project development and now includes the final preparations by the Ethiopian equity investment syndicate,” said managing director Harry Anagnostaras-Adams.

“The widespread positive atmosphere in Ethiopia is a notable turnaround from that seen during the state of emergency that was lifted in early June 2018 upon the appointment of the new Government."

 

Quick facts: KEFI Minerals PLC

Price: £0.01

Market: LSE
Market Cap: £6.54 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Katoro Gold to accelerate battery metals plan following gold...

Louis Coetzee says Katoro Gold PLC’s (LON:KAT) deal for its gold licences in Tanzania should be considered more a re-positioning than a disposal. It’s part of a re-focusing of the strategy towards battery metals, he adds. Katoro will retain a royalty on production from the Imweru and Lubando...

3 hours, 58 minutes ago

2 min read