MiningGold & silver
KEFI Minerals PLC

KEFI updates on Tulu Kapi progress

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

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."


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