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KEFI Minerals PLC

KEFI Minerals receives key approvals at Tulu Kapi

The remaining approvals are largely administrative in nature

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The Tulu Kapi gold project now has approval for its banking arrangements

KEFI Minerals PLC (LON:KEFI) has received key development and financing policy approvals for the Tulu Kapi gold project from the Ethiopian government.

Approval at the project level was received back in 2015, so these latest approvals almost complete the permitting process for Tulu Kapi.

WATCH: £5.5mln fundraise sees KEFI Minerals fully funded for Tulu Kapi construction

These latest permissions include Ethiopian central bank approval for the project banking arrangements, complementing its approvals of proposed balance sheet capital ratios and allowing KEFI’s operating subsidiary to hedge the gold price.

Whilst the remaining required government consents are important, they are more administrative in nature.

"The government has certainly accelerated the pace in recent times as regards the various regulatory processes for this, the first modern mine development in Ethiopia,” said KEFI’s managing director Harry Anagnostaras-Adams.

“All major policy matters are now resolved for the project. There is every sign that the just-appointed government leadership at the Federal, Oromia Regional and local levels is focused on making this happen very successfully and smoothly.”

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