Proactive Investors - Run By Investors For Investors

KEFI secures agreement to resettle Tulu Kapi community at the beginning of next year

The move will allow construction to get underway early next year
KEFI secures agreement to resettle Tulu Kapi community at the beginning of next year
Tulu Kapi will generate significant export revenue for Ethiopia

KEFI Minerals plc (LON:KEFI) has secured approval from local, zonal and regional authorities for the resettlement of local people at the Tulu Kapi gold project in Ethiopia.

Preparatory activities for the resettlement will now turn to a community communication and consultation programme on the various aspects of the home and livelihood restoration plans down to the individual household level.

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

The physical preparations will be launched as soon as the wet season ends shortly. The resettlement work teams will commence building roads into new host lands and the preparation of new host lands.

During this time the community will harvest its crops in Tulu Kapi, but new farmlands will be cleared to assist the community's re-establishment of livelihoods.

The Tulu Kapi gold project will be directly employing and training over 1,000 people by the end of 2019 if all goes according to plan, and is expected to generate significant indirect benefits to local and regional stakeholders for the long term.

Export revenues are likely to amount to approximately US$200mln per annum.

The plan is to start construction in early 2019 and commission production during the second half of 2020.

Project activities on the ground in the next month will include site surveys and geotechnical drilling of final foundation layouts for on-site infrastructure.

"In many ways, this is the most welcome recent development because it takes years to establish the sort of trust required for a smooth project launch when a country and region is going through such rapid change,” said KEFI managing director Harry Anagnostaras-Adams.

"KEFI and its partners in Tulu Kapi Gold Mines deeply appreciate the support of the community and of the authorities and are committed to maximising the local benefits of the project."

View full KEFI profile View Profile

KEFI Minerals PLC Timeline

Newswire
August 14 2018

Related Articles

Gold bars
November 27 2018
Panmure Gordon’s analysts noted that Ariana’s third-quarter update continued the trend of above plan production with its full-year 2018 guidance of 20,00 ounces almost reached in nine months
A gold key
February 14 2019
Construction started in August, and the surface tailings company met its targeted start of commissioning, CEO Daniel Pretorius said on a conference call
1552559210_Gold-bar-plus-nugget.jpg
March 14 2019
Caledonia is taking a short-term hit, but there are grounds for cautious optimism longer-term

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use